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BCA Marketplace to launch £972 million of term loan B debt on Tuesday
By Sara Rosenberg
New York, Sept. 4 – BCA Marketplace plc (BBD Bidco Ltd.) is scheduled to hold a lender meeting on Tuesday to launch £972 million equivalent of seven-year covenant-lite first-lien term loan B debt, according to a market source.
BofA Securities, Inc., HSBC Bank and RBC are the global coordinators on the deal, and KKR Capital Markets, Santander and SMBC are passive joint bookrunners. HSBC is the agent.
The term loan B debt is split between a £500 million term loan B and a £472 million equivalent euro term loan B, the source said.
Included in the term loan B debt is 101 soft call protection for six months.
Commitments are due on Sept. 24, the source added.
The company is also getting a £265 million eight-year second-lien term loan that has been fully placed.
Proceeds will be used to help fund the acquisition of the company by TDR Capital.
BCA is a U.K.-based owner and operator of a used vehicle exchange, and a provider of vehicle buying services, and end-to-end automotive services including refurbishment, storage and logistics.
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