FleetPride talks $430 million credit facility at Libor plus 550 bps

By Sara Rosenberg

New York, Nov. 15 - FleetPride Inc. launched its $430 million senior secured credit facility on Tuesday with talk of Libor plus 550 basis points with a 1.25% Libor floor, according to market sources.

The facility consists of a $370 million six-year term loan and a $60 million five-year revolver.

The term loan is being offered at an original issue discount of 98 and has 101 soft call protection for one year, sources said.

Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and ING Financial Markets LLC are the joint lead arrangers and bookrunners on the deal.

Commitments are due Nov. 29.

Proceeds will be used to refinance an existing senior secured credit facility, to redeem 11½% senior notes due 2014 and senior discount notes due 2015, and for general corporate purposes.

Closing is expected this quarter.

The Woodlands, Texas-based FleetPride is a distributor of heavy truck and trailer parts.

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