Books close early on Transtar's $80 million two-part term loan deal

By Paul A. Harris

Portland, Ore., Feb. 20 - Transtar Holding Co. closed the books early on its $80 million two-tranche term loan deal, according to a market source.

Books closed at Thursday's end of business. They had been previously expected to remain open into Friday.

RBC Capital Markets LLC is the lead bank on the deal.

As reported, price talk on the $50 million first-lien term loan (B1/B+) is Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 98, and talk on the $30 million second-lien term loan (Caa1/CCC+) is Libor plus 875 bps with a 1.25% floor and a discount of 97.

With this transaction, pricing on the company's existing first-lien term loan is being increased to Libor plus 450 bps from Libor plus 425 bps, and pricing on the existing second-lien term loan is being increased to Libor plus 875 bps from Libor plus 850 bps, the source added.

Proceeds from the add-on debt will be used to fund an acquisition.

Transtar is a Cleveland-based distributor of automotive aftermarket driveline services.

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