Tecta America to launch $915 million credit facilities on Tuesday

By Sara Rosenberg

New York, March 22 – Tecta America Corp. is scheduled to hold a lender call at noon ET on Tuesday to launch $915 million of credit facilities, according to a market source.

Credit Suisse Securities (USA) LLC, UBS Investment Bank, RBC Capital Markets and Truist are the lead arrangers on the deal.

The facilities consist of a $125 million revolver, a $600 million seven-year covenant-lite first-lien term loan and a $190 million eight-year covenant-lite second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Expected first-lien ratings are B1/B-, and expected second-lien ratings are Caa1/CCC.

Commitments are due at 5 p.m. ET on April 1, the source added.

Proceeds will be used to refinance existing debt, to finance an acquisition, to fund a distribution and for general corporate purposes.

Tecta is a Rosemont, Ill.-based provider of commercial roofing services.

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