United Pacific launches $230 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, July 20 – United Pacific launched on Thursday its $230 million seven-year first-lien term loan with price talk of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, amortization of 1% per annum and a net senior secured leverage covenant, the source said.

The company’s $255 million of credit facilities (B1) also include a $25 million revolver.

Goldman Sachs Bank USA is the bookrunner on the deal.

Commitments are due at noon ET on Aug. 2, the source added.

Proceeds will be used to refinance existing bank debt, to fund a dividend, to add cash to the balance sheet and for general corporate purposes.

United Pacific is a seller of fuel and convenience items through its network of retail gas stations and a convenience store operator.

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