Driven Brands flexes $500 million term loan B to Libor plus 300 bps

By Sara Rosenberg

New York, Nov. 17 – Driven Brands cut pricing on its $500 million seven-year term loan B (BB-) to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.

In addition, the original issue discount on the term loan finalized at 99.5, the tight end of the 99 to 99.5 talk, the source said.

As before, the term loan has a 0.5% Libor floor and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Commitments were scheduled to be due at 2 p.m. ET on Wednesday, accelerated from 5 p.m. ET on Wednesday, the source added.

Proceeds will be used for general corporate purposes, including to fund future acquisitions.

Driven Brands is a Charlotte, N.C.-based automotive aftermarket company.

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