Forterra extends facilities to 2025, lifts revolver to $350 million

By Sarah Lizee

Olympia, Wash., June 18 – Forterra, Inc. amended its asset-based credit agreement on Wednesday with Bank of America, NA as administrative agent, lifting the revolver to $350 million, according to an 8-K filing with the Securities and Exchange Commission.

Up to $330 million will be available for U.S. borrowers and up to $20 will be available for Canadian borrowers.

The maturity date was extended to June 17, 2025, subject to an earlier maturity if greater than $75 million of the company’s term loan credit facility remains outstanding 91 days prior to the scheduled maturity of the term loan credit facility or any refinancing.

The amendment also modified the interest rates on outstanding borrowings under the ABL credit facility to a rate equal to Libor or CDOR plus a margin ranging from 175 basis points to 225 bps, based on the total leverage ratio of the company.

U.K.-based Forterra produces manufactured masonry products.

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