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Motor Fuel flexes £300 million term loan B to Libor plus 500 bps
By Sara Rosenberg
New York, Aug. 3– Motor Fuel Group increased pricing on its £300 million term loan B to Libor plus 500 basis points from Libor plus 475 bps, according to a market source.
Also, the original issue discount on the term loan was set at 99, the wide end of the 99 to 99.5 talk, and 101 soft call protection for six months was added, the source said.
The loan still has a 1% Libor floor.
Unconditional commitments are due at the close of business on Wednesday, the source added.
Barclays is the lead bank on the deal.
Recently, the company announced that it is being acquired by Clayton, Dubilier & Rice from Patron in a transaction valued at around £500 million.
Motor Fuel Group is a U.K.-based forecourt operator.
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