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Dealer Tire talks $688 million in term loans at Libor plus 325 bps
By Sara Rosenberg
New York, Nov. 27 – Dealer Tire LLC is seeking a $50 million add-on term loan B and a repricing of its existing $638 million term loan B, according to a market source.
Price talk on the term loan debt is Libor plus 325 basis points with a 1% Libor floor, the source said. The add-on loan is talked with an original issue discount of 99.75 and the repricing is offered at par.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds from the add-on loan will be used to fund a dividend.
Dealer Tire is a Cleveland-based distributor of replacement tires and parts for automotive OEMs and their dealers.
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