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Smyrna Ready Mix flexes $538 million term B to SOFR plus 350 bps
By Sara Rosenberg
New York, Nov. 14 – Smyrna Ready Mix Concrete LLC lowered pricing on its $538 million term loan B due 2029 (Ba3) to SOFR plus 350 basis points from talk in the range of SOFR plus 375 bps to 400 bps, according to a market source.
The term loan still has a 0% floor, an original issue discount of 99.75 and 101 soft call protection for six months.
JPMorgan Chase Bank is the lead on the deal.
Recommitments were scheduled to be due at 11 a.m. ET on Tuesday, the source added.
Proceeds will be used with $1.1 billion of senior secured notes to refinance an existing term loan B, to pay down asset-based lending borrowings and to fund an acquisition.
Smyrna Ready Mix is a Murfreesboro, Tenn.-based manufacturer and retailer of ready-mixed concrete.
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