---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-012451"
form_type: "8-K"
ticker: "BLD"
cik: "0001633931"
company_name: "TopBuild Corp"
filed_at: "2023-07-28T23:59:59+00:00"
generated_at: "2026-06-12T23:04:38.074687+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# TopBuild to acquire Specialty Products & Insulation for $960M all-cash; funds with $550M term loan

## Summary
- All-cash transaction valued at $960 million; SPI generated $703M revenue and $77M adjusted EBITDA (TTM 3/31/23).
- TopBuild funds acquisition with new $550M Term Loan A and cash on hand; net debt to pro forma EBITDA ~2.0x.
- Anticipates $35-40M annual run-rate cost synergies within two years of close.
- Acquisition expected to add $90M tax asset; SPI operates 89 branches across U.S. and Canada.
- Transaction subject to HSR waiting period and customary closing conditions.

## SEC filing metadata
- accession: 0001558370-23-012451
- form_type: 8-K
- ticker: BLD
- cik: 0001633931
- company_name: TopBuild Corp
- filed_at: 2023-07-28T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1633931/000155837023012451/0001558370-23-012451-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1633931/000155837023012451/bld-20230726x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-012451
- JSON: https://secwatch.observer/filing/0001558370-23-012451.json
- Plain text: https://secwatch.observer/filing/0001558370-23-012451.txt

## Key facts
- Debt Financings
  TopBuild Corp incurred term loan of $550.0 million with Bank of America, N.A. at Term SOFR or the Base Rate plus an applicable rate ranging from 1.50% to 3.00% f maturing October 7, 2026.
  - Instrument: term loan
  - Principal: $550.0 million
  - Counterparty: Bank of America, N.A.
  - Rate: Term SOFR or the Base Rate plus an applicable rate ranging from 1.50% to 3.00% f
  - Maturity: October 7, 2026
  - Event: incurrence
  source text: The Amendment, among other things, (i) increases the Permitted Increase Amount (as defined in the Credit Agreement) from $300.0 million to $850.0 million and (ii) provides for a new $550.0 million delayed draw term loan facility (the “Delayed Draw Term Loan”), the proceeds of which will be used, in part, to finance the Transaction (as defined below), including the payment of related fees and expenses.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1633931/000155837023012451/0001558370-23-012451-index.htm
- Material Agreements
  TopBuild Corp amended Amendment No. 4 with Bank of America, N.A. valued at $550.0 million delayed draw term loan (effective 2023-07-26).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A.
  - Value: $550.0 million delayed draw term loan
  - Effective: 2023-07-26
  source text: The Amendment, among other things, (i) increases the Permitted Increase Amount (as defined in the Credit Agreement) from $300.0 million to $850.0 million and (ii) provides for a new $550.0 million delayed draw term loan facility (the “Delayed Draw Term Loan”), the proceeds of which will be used, in part, to finance the Transaction (as defined below), including the payment of related fees and expenses.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1633931/000155837023012451/0001558370-23-012451-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.