NCI Building $250 Million Acquisition Loan Rises in Trading
NCI Building Systems Inc. (NCS)’s $250 million term loan to finance its acquisition of Metl-Span LLC rose in initial trading, according to Markit Group Ltd.
The debt due in May 2018 first changed hands at 96.5 cents on the dollar, Markit prices show. That’s up from an issue price of 95 cents, according to data compiled by Bloomberg.
Credit Suisse Group AG, Royal Bank of Canada, UBS AG and Citigroup Inc. arranged the financing for the Houston-based manufacturer of metal-building products, the data show.
The loan pays interest at 6.75 percentage points more than the London interbank offered rate, with a 1.25 percent floor on the benchmark, Bloomberg data show. Libor, the rate at which banks say they can borrow in dollars from each other, serves as a reference for about $360 trillion of financial instruments.
NCI completed its acquisition of the manufacturer of insulated building panel products for $145 million, according to a June 22 statement.
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