Continental Building Products, a manufacturer of gypsum wallboard and complementary finishing products, closed on the repricing of its $272 million senior secured term loan facility. The interest rate spread on the term loan was reduced by 25 basis points to LIBOR, with a 0.75% floor, plus 2.25%, compared to a prior rate of LIBOR, with a 0.75% floor, plus 2.50%.

This transaction marks the second repricing of this term loan since the original refinancing in August 2016, effectively reducing the spread in aggregate by 50 basis points from LIBOR + 2.75% to LIBOR + 2.25%. The final maturity in 2023 remains unchanged.

According to a related 8-K filing, Credit Suisse served as administrative agent, sole lead arranger and sole lead bookrunner for the transaction.

Dennis Schemm, Continental’s CFO, stated, “The additional reduction in the spread on our term loan combined with our recent credit rating upgrades to Ba3 and BB from Moody’s Investors Service and S&P, respectively, reflect the ongoing progress we have made in strengthening our balance sheet. These successful repricing transactions combined with the strides we have made in reducing debt, interest expense and overhead costs provide us with additional financial flexibility to execute on value-enhancing initiatives.”