Fleetpride reworks first- and second-lien term loan sizes, pricing

By Sara Rosenberg

New York, March 28 – Fleetpride (FPC Holdings Inc.) upsized its covenant-light first-lien term loan B due Nov. 19, 2022 to $482 million from $447 million and downsized its covenant-light second-lien term loan due May 19, 2023 to $175 million from $200 million, according to a market source.

Also, pricing on the first-lien term loan was increased to Libor plus 450 basis points from Libor plus 400 bps and pricing on the second-lien term loan was lifted to Libor plus 900 bps from Libor plus 800 bps, the source said.

In addition, the Libor floor on both term loans was revised to 1.25% from 0%, the original issue discount on the first-lien term loan was changed to 97 from 99.5 and the discount on the second-lien term loan widened to 96 from 99.

Furthermore, the 101 soft call protection on the first-lien term loan was extended to one year from six months, and the hard call protection on the second-lien term loan was modified to 103 in year one, 102 in year two and 101 in year three from a 101 hard call for one year, the source continued.

Bank of America Merrill Lynch is the left lead on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Wednesday, the source added.

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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