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Fleetpride to launch $620 million first-lien term loan on Thursday
By Sara Rosenberg
New York, Jan. 14 – Fleetpride (Fastlane Parent Co. Inc.) is scheduled to hold a lender call at 10 a.m. ET on Thursday to launch its proposed $620 million seven-year first-lien term loan, according to a market source.
Barclays, RBC Capital Markets, Jefferies LLC, Citigroup Global Markets Inc. and Goldman Sachs Bank USA are the bookrunners on the deal.
The company’s $1.07 billion of credit facilities also include a $225 million five-year ABL revolver and a $225 million privately placed eight-year second-lien term loan.
Proceeds will be used to help fund the buyout of the company by American Securities from TPG Capital.
Total leverage will be about 6.3 times on pro forma adjusted Oct. 31 EBITDA of $136 million.
Fleetpride is an Irving, Texas-based distributor of aftermarket heavy-duty truck and trailer parts.
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