Continental Building launches $274.3 million term loan B repricing

By Sara Rosenberg

New York, Jan. 18 – Continental Building Products Operating Co. LLC launched on its lender call on Wednesday a repricing of its $274.3 million senior secured covenant-light term loan B due Aug. 18, 2023 that is talked at Libor plus 250 basis points with a 0.75% Libor floor and a par issue price, according to a market source.

The repriced term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint lead arrangers on the deal. Credit Suisse is the administrative agent.

Cashless roll commitments are due on Tuesday and new money commitments are due on Jan. 25, the source added.

The repricing will take the term loan down from Libor plus 275 bps with a 0.75% Libor floor.

Closing is expected in late February.

Continental Building is a Herndon, Va.-based manufacturer of wallboard and gypsum-based products.

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