Dealer Tire launches $1.42 billion term loan at SOFR plus 375-400 bps

By Sara Rosenberg

New York, Jan. 8 – Dealer Tire held a lender call at 10:30 a.m. ET on Monday to launch a roughly $1.415 billion term loan B due December 2027 that is talked at SOFR plus 375 basis points to 400 bps with a 0.5% floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank is the lead on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan B down from SOFR plus 450 bps with a 0.5% floor.

Dealer Tire is a Cleveland-based manager of replacement tire and parts programs for automotive OEMs.

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