Associated Materials firms $550 million term B at SOFR plus 600 bps

By Sara Rosenberg

New York, March 9 – Associated Materials (New AMI I LLC) set pricing on its $550 million seven-year term loan B (B2/B) at SOFR plus 600 basis points, the high end of the SOFR plus 575 bps to 600 bps talk, according to a market source.

Also, the original issue discount on the term loan was revised to 96 from 98.5, the source said.

The term loan still has a 0.5% floor and 101 soft call protection for six months.

RBC Capital Markets, Credit Suisse Securities (USA) LLC, UBS Investment Bank, KKR Capital Markets, Macquarie Capital (USA) Inc., BMO Capital Markets and PNC are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Strategic Value Partners LLC for an aggregate purchase price of $950 million.

Closing is expected this month.

Associated Materials is a manufacturer and distributor of exterior building products.

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