Summit Materials term loan frees to trade; Element Solutions, PG&E talk surfaces

By Sara Rosenberg

New York, Nov. 30 – Summit Materials LLC’s first-lien term loan B made its way into the secondary market on Thursday, with levels quoted above its original issue discount.

Summit Materials’ $1.01 billion five-year senior secured covenant-lite first-lien term loan B (Baa3/BBB-) broke for trading on Thursday, with levels quoted at par bid, par ½ offered, according to a trader.

Pricing on the term loan is SOFR plus 250 basis points with a 0% floor and it was sold at an original issue discount of 99.75. The debt has 101 soft call protection for six months, 0 bps CSA, and ticking fees of half the margin from days 46 to 75 and the full margin thereafter.

Meanwhile, in the primary market, Element Solutions Inc./MacDermid Inc. and PG&E Corp. released price talk with their lender calls, and Indicor LLC joined this week’s new issue calendar.

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