Subject: FNC
Tecta America Commercial Roofing completes $210M incremental First Lien Term Loan and $20M Revolving Credit Facility Upsize
The national leader in commercial roofing completed a $210M incremental First Lien Term Loan (replacing $170M Second Lien Term Loan and $40M to balance sheet) and $20M Revolving Credit Facility Upsize to $185M
ROSEMONT, Ill., Aug. 25, 2023 /PRNewswire-PRWeb/ -- Tecta America completed its $210 million incremental First Lien Term Loan through joint lead arrangers Wells Fargo and RBC Capital Markets. Proceeds will be used to repay Tecta's existing Second Lien Term Loan, to pre-fund acquisitions under letters of intent and for general corporate purposes. Additionally, Tecta added $20 million of revolver capacity to its existing $165 million facility to support continued M&A and general corporate purposes.
"We are thrilled with the outcome of the refinancing process. Through continued support of our longstanding lenders, Wells Fargo and RBC, we were able to replace our high cost Second Lien Term Loan while also increasing our funding available to support future growth of the business. For 23 years, Tecta has been the trusted home where top-notch contractors thrive. This financing ensures Tecta has the capacity to fund acquisitions as more contractors consider what is best for the future of their business and their people during these turbulent times," said Dave Reginelli, Tecta's President & CEO.
Marc Benson, Tecta's CFO added, "We appreciate the continued support and confidence of our longstanding and expanding financing base who have seen Tecta execute on our proven organic and acquisition growth strategy. This refinancing furthers our ability to execute on our acquisition growth strategy and provide sellers confidence in Tecta's ability to close with no financing contingencies".
Tecta America has over 90 locations nationwide and is the largest roofing contractor in the United States, with an impeccable quality and safety reputation. Tecta is an approved applicator of all major manufacturers.
Media Contact
Cat Engelby, Tecta America, 507-242-4330, [email protected], www.tectaamerica.com
SOURCE Tecta America
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