Fleetpride talks $620 million first-lien loan at Libor plus 450 bps

By Sara Rosenberg

New York, Jan. 17 – Fleetpride (Fastlane Parent Co. Inc.) launched on Thursday its $620 million seven-year first-lien term loan (B-) with price talk of Libor plus 450 basis points with a 0% Libor floor and an original issue discount of 97 to 98, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays, RBC Capital Markets, Jefferies LLC, Citigroup Global Markets Inc. and Goldman Sachs Bank USA are the bookrunners on the deal.

Commitments are due at noon ET on Jan. 25, the source added.

The company’s $1.07 billion of credit facilities also include a $225 million five-year asset-based revolving credit facility and a $225 million privately placed eight-year second-lien term loan (CCC).

Proceeds will be used to help fund the buyout of the company by American Securities from TPG Capital.

Total leverage will be about 6.3 times on pro forma adjusted Oct. 31 EBITDA of $136 million.

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

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