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FleetPride $425 million first-lien loan flexes to Libor plus 400 bps
By Sara Rosenberg
New York, Nov. 14 - FleetPride Inc. (FPC Holdings Inc.) increased pricing on its $425 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 400 basis points from Libor plus 375 bps, according to a market source.
Also, the spread on its $200 million 71/2-year covenant-light second-lien term loan (Caa1/CCC+) was set at Libor plus 800 bps, the wide end of the Libor plus 775 bps to 800 bps talk, the source said.
Both term loans still have a 1.25% Libor floor.
In addition, the second-lien term loan saw its original issue discount widen to 98 from 981/2, the source said.
The first-lien term loan still has an original issue discount of 99.
Furthermore, 101 soft call protection for one year was added to the first-lien term loan, while call protection on the second-lien loan was unchanged at 103 in year one, 102 in year two and 101 in year three.
And, the ABL revolver was upsized to $175 million from $150 million, the source added.
Other changes made to the deal included reducing the accordion to $125 million from $150 million and removing the MFN sunset provision from the term loans.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch, RBC Capital Markets, Barclays and UBS Securities LLC are the lead banks on the now $800 million credit facility, up from $775 million.
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.
Based in the Woodlands, Texas, FleetPride is a retailer of heavy-duty truck and trailer parts.
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