Smyrna lifts term B to $750 million, ups spread to SOFR plus 425 bps

By Sara Rosenberg

New York, March 24 – Smyrna Ready Mix Concrete LLC upsized its seven-year term loan B to $750 million from $650 million and increased pricing to SOFR+CSA plus 425 basis points from of SOFR+CSA plus 400 bps, according to a market source.

Also, the original issue discount on the term loan widened to 97 from talk in the range of 97.5 to 98 and the 101 soft call protection was extended to one year from six months, the source said.

In addition, the MFN was revised to 50 bps for 24 months from 50 bps for 12 months.

The term loan still has a 0.5% floor and CSA of 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

JPMorgan Chase Bank is the left lead on the deal.

Recommitments were scheduled to be due at 11 a.m. ET on Thursday, the source added.

Proceeds will be used for acquisitions and general corporate purposes, and the funds from the upsizing will be used to repay ABL borrowings.

Smyrna Ready Mix is a Nashville-based manufacturer and retailer of ready-mixed concrete.

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