HERNDON, Va.--(BUSINESS WIRE)--Continental Building Products, Inc. (NYSE:CBPX), a leading manufacturer of gypsum wallboard and complementary finishing products, announced today that it has closed on the repricing of its $272 million senior secured term loan facility. The interest rate spread on the term loan was reduced by 25 basis points to LIBOR, with a 0.75% floor, plus 2.25%, compared to a prior rate of LIBOR, with a 0.75% floor, plus 2.50%. This transaction marks the second repricing of this term loan since the original refinancing in August 2016, effectively reducing the spread in aggregate by 50 basis points from LIBOR plus 2.75% to LIBOR plus 2.25%. The final maturity is unchanged in 2023.

Dennis Schemm, Continental’s Chief Financial Officer, stated, “The additional reduction in the spread on our term loan combined with our recent credit rating upgrades to Ba3 and BB from Moody’s Investors Service and S&P, respectively, reflect the ongoing progress we have made in strengthening our balance sheet. These successful repricing transactions combined with the strides we have made in reducing debt, interest expense and overhead costs provide us with additional financial flexibility to execute on value-enhancing initiatives. We appreciate the continued confidence in our strategic plan reflected by our financial partners.”

About Continental Building Products

Continental Building Products is a leading North American manufacturer of gypsum wallboard and complementary finishing products. The Company is headquartered in Herndon, Virginia with operations serving the residential, commercial and repair and remodel construction markets primarily in the eastern United States and eastern Canada. For additional information, visit www.continental-bp.com.