Dayton Superior gets commitment for $250 million credit facility

By Sara Rosenberg

New York, Nov. 13 - Dayton Superior Corp. received a commitment for a new $250 million credit facility, according to a 10-Q filed with the Securities and Exchange Commission Tuesday.

GE Capital is the lead bank on the deal.

The facility consists of a $150 million asset-based revolver expected at Libor plus 225 basis points and a $100 million six-year term loan expected at Libor plus 375 bps.

The commitment fee on the revolver is 37.5 bps.

Financial covenants will include a maximum leverage ratio and a minimum interest coverage ratio.

Proceeds will be used to refinance the company's existing $130 million revolver and retire its 10¾% senior second secured notes due in September 2008.

Upon completion of the refinancing, drawdowns against the new revolver are expected to be about $65 million.

In addition, the company plans to explore refinancing alternatives with respect to its 13% senior subordinated notes in the future.

Dayton Superior is a Dayton, Ohio-based provider of specialized products for the non-residential concrete construction market.

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