United Pacific lifts term loan to $240 million, trims pricing

By Sara Rosenberg

New York, Aug. 1 – United Pacific upsized its seven-year first-lien term loan to $240 million from $230 million and reduced pricing to Libor plus 400 basis points from Libor plus 450 bps, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 99.5, 101 soft call protection for six months, amortization of 1% per annum and a net senior secured leverage covenant.

The company’s now $265 million of credit facilities (B1/B), up from $255 million, also include a $25 million revolver.

Goldman Sachs Bank USA is the bookrunner on the deal.

Recommitments were scheduled to be due at noon ET on Tuesday, the source added.

Proceeds will be used to refinance existing bank debt, to fund a $110 million dividend, increased from $100 million due to the term loan upsizing, 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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