Fleetpride launches $647 million of term loans to investors

By Sara Rosenberg

New York, March 15 – Fleetpride (FPC Holdings Inc.) held a lender call at 3 p.m. ET on Thursday to launch $647 million of term loans, according to a market source.

The debt is split between a $447 million covenant-light first-lien term loan B (B-) due Nov. 19, 2022 talked at Libor plus 400 basis points with a 0% Libor floor and an original issue discount of 99.5, and a $200 million covenant-light second-lien term loan (CCC) due May 19, 2023 talked at Libor plus 800 bps with a 0% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has 101 hard call protection for one year.

Bank of America Merrill Lynch and KKR are the lead arrangers on the deal, with Bank of America the agent and left lead on the first-lien, and KKR the left lead on the second-lien.

Proceeds will be used to refinance a $397 million first-lien term loan due 2019, a second-lien term loan due 2020 and borrowings under an asset-based revolver.

Fleetpride is an Irving, Texas-based distributor of aftermarket heavy-duty truck and trailer parts.

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