Milbank LLP represented the joint lead arrangers in connection with providing a $1.3 billion first lien term loan facility and a $400 million ABL facility for American Securities’ acquisition of Foundation Building Materials, Inc. and the interior products division of Beacon Roofing Supply, Inc. and the joint bookrunning managers in placing $400 million of senior notes to finance Foundation Building Materials, Inc.’s acquisition of the interior products division of Beacon Roofing Supply, Inc.
Foundation Building Materials, Inc. is one of the largest specialty distributors of wallboard, suspended ceiling systems, metal framing, and complementary interior products in the US and Canada based on net sales.
The interior products business of Beacon Roofing Supply, Inc. distributes wallboard, suspended ceiling systems, metal framing, and complementary interior products to specialty contractors in the residential and non-residential construction markets.
American Securities is a leading US private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management.
The Milbank Global Leveraged Finance team was led by partners Marcus Dougherty, Lauren Hanrahan, Michael Bellucci and Spencer Pepper and included associates Juyon Kang, George Miller, John Kim, Sean Rail, Aaron Crowell and Bailey Vincent. The Milbank Global Capital Markets team was led by partner Rod Miller and special counsel Lesley Janzen and included associates Mandeep Kalra, Andi Hasaj, Jasmine Khaneja and Benjamin Kamelhar. Also providing advice during the course of the transaction were Tax partner Eschi Rahimi-Laridjani and associate Corey Spector and Intellectual Property associates Javier Ramos and Monica Arnold.
