Bank of America served as administrative agent on a new $180 million delayed draw term loan facility to U.S. Concrete.
The term loan facility’s structure provides additional liquidity and will allow U.S. Concrete to draw incrementally on the facility if needed. The term loan has a five-year maturity and will bear interest at LIBOR plus a margin ranging from 2.75% up to 3.75%, depending on the amount borrowed. The agreement contains customary terms and conditions consistent with similar facilities and contains no financial maintenance covenants.
U.S. Concrete is a supplier of concrete for commercial, residential and infrastructure projects.
