CPG tightens spread talk, trims discount on $355 million term loan

By Paul A. Harris

Portland, Ore., Sept. 17 - CPG International Inc. tightened spread talk on its $355 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 450 basis points from 500 bps and trimmed discount talk to 99.5 from 99 on Monday, according to a market source.

The deal comes with a 1.25% Libor floor and has 101 repricing protection for one year.

The $465 million credit facility also features a $110 million five-year ABL revolver.

Credit Suisse Securities (USA) LLC and Barclays are the lead banks on the term loan, and Wells Fargo Securities LLC, Credit Suisse and Barclays are leading the revolver.

Proceeds will be used to help fund the acquisition of TimberTech, a Wilmington, Ohio-based subsidiary of the Crane Group that manufactures low-maintenance decking, railing and accessory products, and to refinance existing debt.

Closing is expected late this month.

CPG is a Scranton, Pa.-based manufacturer of synthetic building products.

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