Tensar closed the $175 million facility underwritten by GE Antares Capital with a group of lenders, handing a portion of the company to existing debtholders PineBridge and American Capital, according to an announcement late this week.

The release noted that the two institutional investors will “join forces” with existing sponsor Arcapita as a result of the transaction.

The restructuring takes out the $161.2 million first-lien term loan due October 2012 (L+600, 1.75% LIBOR floor), along with the $27 million revolving credit facility due in April, according to sources. Tensar also had an $84.5 million second-lien term loan due May 2013 (L+1,000, 1.5% floor). As of Dec. 31, American Capital owned $83.2 million of the second-lien, and $36 million of 20% mezzanine debt due 2015, according to a February SEC filing. American also had eight million shares of convertible preferred stock it bought for $10.8 million, that they marked as worth $22.7 million as of Dec. 31, according to the American’s 10-K.

Additionally, PineBridge’s website lists managing director FT Chong as belonging on Tensar’s board, with associate John Hughes as an observer to the board.

Navigant Capital Advisors served as the financial advisor for the restructuring, according to the announcement.

Atlanta, Ga.-based Tensar primarily makes polyethylene and polypropylene-based materials for construction purposes. The company had restructured its debt, which stems from its 2005 LBO by Arcapita, as recently as 2010. American first provided a portion of the debt in 2005, according to previous announcements. – Max Frumes