SiteOne Landscape Supply amended the term loans of its subsidiaries, increasing the amount of the tranche B term loans to $299 million.

According to a related 8-K filing, UBS AG, Stamford Branch, served as administrative agent and collateral agent.

Proceeds of the tranche B term loans were used to repay in full the term loans outstanding under the term loan facility and repay $21 million of borrowings outstanding under the asset-based loan facility.

Immediately prior to effectiveness of the term loan facility amendments, the term loan facility bore interest at either an adjusted LIBOR rate plus an applicable margin equal to 5.25% or an alternative base rate plus an applicable margin equal to 4.25%. The tranche B term loans bear interest at either an adjusted LIBOR rate plus applicable margin equal to 4.50% or an alternative base rate plus an applicable margin equal to 3.50%. The tranche B term loans will mature on April 29, 2022.

The term loan facility amendments will result in an annual interest expense reduction of approximately $1.2 million, excluding the one-time write off of unamortized debt issuance costs and discounts in connection with the transaction.

Roswell, GA-based SiteOne Landscape Supply is a national wholesale distributor of landscape supplies in the U.S. and has a growing presence in Canada.