American Builders launches term B repricing at Libor plus 225-250 bps

By Sara Rosenberg

New York, March 29 – American Builders & Contractors Supply Co. Inc. launched on Wednesday a repricing of its $1,875,000,000 covenant-light term loan B due Oct. 31, 2023 that is talked at Libor plus 225 basis points to 250 bps with a 0.75% Libor floor and a par issue price, according to a market source.

The repriced loan includes 101 soft call protection for six months, the source said.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Commitments are due by 3 p.m. ET on Monday, the source added.

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

Closing is targeted for May 1.

The company had launched a repricing of this term loan in January at talk of Libor plus 225 bps with a step-down to Libor plus 200 bps at net first-lien leverage of 2.5 times, a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, but, shortly thereafter, the company opted to postpone the transaction.

American Builders is a Beloit, Wis.-based building products distributor.

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