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Forterra, Inc. (NASDAQ: FRTA) announced a significant upsizing of its senior secured notes offering, increasing the total amount to $500 million from the previously announced $400 million. The notes will carry a fixed annual interest rate of 6.50%, paid semi-annually. Proceeds from this offering will be utilized to repay part of the Term Loan Facility and cover associated fees. The offering is set to close on July 16, 2020, pending customary conditions.
Forterra (NASDAQ: FRTA) announced plans to offer $400 million in senior secured notes due 2025 through its wholly owned subsidiaries, Forterra Finance, LLC and FRTA Finance Corp. The offering targets qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act. The notes will be secured by first and second-priority liens on assets. Proceeds will be used to repay part of the existing senior secured term loan facility and cover related expenses.
Forterra, a leader in water and drainage infrastructure, reported preliminary second quarter 2020 results with net sales expected between $410 million and $430 million, similar to the previous year. Adjusted EBITDA is projected to rise by 23% to 31% to $77 million - $82 million, marking an improvement in EBITDA margins. The company has amended its revolving credit facility to increase its borrowing capacity and repaid $180 million in borrowings. Forterra has resumed capital projects and lifted salary freezes, demonstrating enhanced financial flexibility amidst ongoing pandemic challenges.
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