Tecta America completed a $210 million incremental first lien term loan through joint lead arrangers Wells Fargo and RBC Capital Markets. Tecta will use proceeds of the term loan to repay an existing second lien term loan, to pre-fund acquisitions under letters of intent and for general corporate purposes. Additionally, Tecta added $20 million of revolver capacity to its existing $165 million facility to support continued M&A and general corporate purposes.
“We are thrilled with the outcome of the refinancing process. Through continued support of our longstanding lenders, Wells Fargo and RBC, we were able to replace our high cost Second Lien Term Loan while also increasing our funding available to support future growth of the business. For 23 years, Tecta has been the trusted home where top-notch contractors thrive. This financing ensures Tecta has the capacity to fund acquisitions as more contractors consider what is best for the future of their business and their people during these turbulent times,” Dave Reginelli, president and CEO of Tecta, said.
“We appreciate the continued support and confidence of our longstanding and expanding financing base who have seen Tecta execute on our proven organic and acquisition growth strategy,” Marc Benson, CFO of Tecta, said. “This refinancing furthers our ability to execute on our acquisition growth strategy and provide sellers confidence in Tecta’s ability to close with no financing contingencies”.
