Borrowing Capacity Increased to $750 Million
Maturity Extended Three Years
DAYTONA BEACH, Fla., March 23, 2020 (GLOBE NEWSWIRE) -- 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 TopBuild
TopBuild 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 Contact
Tabitha Zane
tabitha.zane@topbuild.com
386-763-8801