Continental Building Products, Inc., a leading manufacturer of wallboard and gypsum-based products, announced it has closed on the refinancing of 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. 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," stated Dennis Schemm, Continental’s Chief Financial Officer. "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."

Continental Building Products is a leading North American manufacturer of gypsum wallboard and complementary finishing products. The company is headquartered in Herndon, VA with operations serving the residential, commercial and repair and remodel construction markets primarily in the eastern United States and eastern Canada.