FleetPride launches $775 million credit facility via call to investors

By Sara Rosenberg

New York, Oct. 31 - FleetPride Inc. (FPC Holdings Inc.) held a lender call at 1:30 p.m. ET on Wednesday to launch a proposed $775 million credit facility, according to a market source.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, RBC Capital Markets, Barclays and UBS Securities LLC are the lead banks on the deal.

The facility consists of a $150 million ABL revolver, a $425 million seven-year covenant-light first-lien term loan and a $200 million 71/2-year covenant-light second-lien term loan, the source said.

Proceeds will be used to help fund TPG Capital's buyout of the company from Investcorp.

Closing is expected this quarter, subject to customary conditions, including receipt of applicable regulatory approvals.

FleetPride, based in the Woodlands, Texas, is a retailer of heavy-duty truck and trailer parts.

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