Continental Building Products, a manufacturer of wallboard and gypsum-based products, refinanced its existing term loan and credit facility.

The new borrowings consist of a $275 million senior secured term loan facility and a $75 million senior secured revolving credit facility.

According to a related 8-K filing, the lender group was led by Credit Suisse as administrative agent. Credit Suisse, Citigroup, Deutsche Bank Securities and RBC Capital served as joint lead arrangers and joint bookrunners. Citigroup Global Markets and RBC Capital Markets serve as co-syndication agents. PNC and The Bank of Nova Scotia served as co-documentation agents.

Borrowings under the new term loan will bear interest at a floating rate based on LIBOR, with a 0.75% floor, plus 2.75%, compared to the previous term loan which had a floating rate based on LIBOR, with a 1.00% floor, plus 3.00%. Additionally, the new term loan will have a final maturity in 2023, compared to the prior term loan which was due in 2020.

“We are pleased with the sustained cash flow generation in our business which has allowed us to establish a more efficient capital base,” said Dennis Schemm, Continental’s CFO. “This successful refinancing will allow us to further reduce our interest expense and extends the maturity of our long-term debt, while providing what we believe to be a more attractive capital base that better positions us to deliver on our long term objectives.”

Herndon, VA-based Continental Building Products is a North American manufacturer of gypsum wallboard and finishing products.