TopBuild Corp Secures $2.25B Credit Facilities

By Hao Liu • Monday, May 19 15:27 • Permanent Link

TopBuild Corp. (NYSE: BLD) has announced the renewal and upsizing of its senior secured credit facilities. The new facilities now have a borrowing capacity of $2.25 billion and extended maturities to May 2030. This includes a $1.0 billion term loan, a $1.0 billion revolving credit facility, and a $250.0 million delayed draw term loan.

The renewed credit facilities will bear interest at the Secured Overnight Financing Rate (SOFR) plus 1.25% per annum, subject to adjustment based on a leverage-based pricing grid.

TopBuild Corp. is a leading installer and specialty distributor of insulation and building material products to the construction industry in the United States and Canada. The company's CFO, Rob Kuhns, stated that the increased liquidity and financial flexibility from the transaction further strengthens their ability to execute their capital allocation strategy.

The company's Installation segment has more than 200 branches across the United States, providing insulation installation services nationwide, while its Specialty Distribution business encompasses more than 150 branches across the United States and Canada, distributing building and mechanical insulation, insulation accessories, and other building product materials for the residential, commercial, and industrial end markets.

For more information about TopBuild, please visit their website at www.topbuild.com. As a result of these announcements, the company's shares have moved -2.88% on the market, and are now trading at a price of $295.19. Check out the company's full 8-K submission here.

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