Fleetpride launches $870 million term loan at SOFR plus 475 bps

By Sara Rosenberg

New York, Sept. 19 – Fleetpride launched on Tuesday its $870 million first-lien term loan due 2028 with price talk of SOFR plus 475 basis points with a 0.5% floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

RBC Capital Markets is the left lead arranger on the deal.

Commitments are due at noon ET on Sept. 28, the source added.

Proceeds will be used to extend the maturity of an existing $594 million first-lien term loan due January 2026 and to refinance existing ABL revolving credit facility borrowings.

Fleetpride, owned by American Securities, is an Irving, Tex.-based distributor of aftermarket heavy-duty truck and trailer parts.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.