American Tire talks $720 million term loan at Libor plus 450-475 bps

By Sara Rosenberg

New York, March 20 – American Tire Distributors Inc. launched on Friday its $720 million 6½-year covenant-light term loan with price talk of Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99½, according to a market source.

The term loan has 101 hard call protection for one year, the source said.

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

Proceeds will be used to refinance existing term loan borrowings.

American Tire is a Huntersville, N.C.-based replacement tire distributor.

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