TopBuild Upsizes Senior Secured Credit Facilities
March 23 2020 - 6:45AM
TopBuild Corp. (NYSE:BLD) the
leading installer and distributor of insulation and building
material products in the United States, has entered into a new term
loan and revolving credit facility, replacing its previous senior
secured facilities. Total borrowing capacity has been
increased to $750 million and the maturity date has been extended
three years to March 2025.
|
New Facility |
Previous Facility |
Term
Loan |
$300M |
$350M |
Revolver |
$450M |
$250M |
Total Credit Facility |
$750M |
$600M |
Accordion |
$300M |
$200M |
LIBOR
Borrowing Spread* |
125 bps |
125 bps |
Maturity
Date |
March 2025 |
May 2022 |
Participating Lenders |
8 |
6 |
*subject to leverage grid |
|
|
|
|
|
Jerry Volas, Chief Executive Officer of TopBuild
stated, “We are very pleased to have successfully increased our
term loan and revolving credit facilities by a total of $150
million with a maturity extension of three years. As a result of
the Company’s solid financial position, demand to participate in
this refinancing was strong and two banks were added to the
syndicate. Looking ahead, we believe that the additional
liquidity strengthens our ability to capitalize on strategic
acquisitions and other opportunities designed to enhance long term
value for our stakeholders.”
Bank of America, JP Morgan Chase and PNC Bank served as Joint
Lead Arrangers and Joint Book Runners on the new credit
facilities.
About TopBuildTopBuild Corp., a Fortune 1000
Company headquartered in Daytona Beach, Florida, is a leading
installer and distributor of insulation and building material
products to the U.S. construction industry. We provide insulation
and building material services nationwide through TruTeam®, which
has over 200 branches, and through Service Partners® which
distributes insulation and building material products from over 75
branches. We leverage our national footprint to gain
economies of scale while capitalizing on our local market presence
to forge strong relationships with our customers. To learn
more about TopBuild please visit our website at
www.topbuild.com.
Investor Relations and Media
ContactTabitha
Zanetabitha.zane@topbuild.com386-763-8801
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