GYP Holdings III, a subsidiary of GMS, refinanced its April 1, 2014 term loan. Credit Suisse acted as administrative agent and collateral agent.

The new facility increased the amount by $100 million to $481 million. The funds were used to repay the company’s existing first lien term loan of $381 million and will be applied to repay $99 million of loans under its asset-based revolving credit facility.

Borrowings under the new term loan will bear interest at a floating rate based on LIBOR, with a 1.00% floor, plus 3.50%, down from 1.00% floor, plus 3.75% on the previous term loan which had a floating rate based on LIBOR.

Doug Goforth, CFO of GMS, said, “We are pleased with the strong performance of our business which has allowed us to expand our capital base and reduce the interest expense on our first lien debt with this attractive source of financing. With the enhanced flexibility on our revolver we are now even better positioned to continue sourcing and integrating select acquisitions to further strengthen our leadership positions throughout the U.S.”