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DYK cuts spread on $134 million term loan to Libor plus 475 bps
By Sara Rosenberg
New York, March 30 – DYK Automotive/AAHC reduced pricing on its $134 million term loan to Libor plus 475 basis points from Libor plus 550 bps and added a step-down to Libor plus 450 bps at less than 3 times net secured leverage, according to a market source.
In addition, the original issue discount on the term loan was tightened to 99 from talk of 98 to 98.5, the source said.
The term loan still has a 1% Libor floor and 101 soft call protection for six months.
Amortization on the term loan is 5% per annum.
The company’s $164 million credit facility also includes a $30 million revolver.
Recommitments were due at 5 p.m. ET on Wednesday, the source added.
BNP Paribas Securities Corp. is the lead on the deal.
Proceeds will be used to help fund the buyout and merger of DYK and Automotive Aftermarket Holding Co. by Sterling Group.
DYK Automotive is an automotive aftermarket distributor.
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