Headwaters talks $425 million term loan B at Libor plus 400 bps area

By Sara Rosenberg

New York, March 3 – Headwaters Inc. launched on Tuesday its $425 million seven-year covenant-light term loan B (B1/BB-) with price talk in the Libor plus 400 basis points area with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection and amortization of 1% per annum.

Deutsche Bank Securities Inc. is the bookrunner on the deal.

Proceeds will be used to refinance 7 5/8% senior secured notes.

Commitments are due on March 12, the source said.

Closing is expected this month.

Headwaters is a South Jordan, Utah-based manufacturer of light building products and heavy construction materials.

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