Truck Hero to launch $1.03 billion credit facilities on Wednesday

By Sara Rosenberg

New York, April 24 – Truck Hero Inc. is scheduled to hold a bank meeting at 10:30 a.m. ET on Wednesday to launch $1,025,000,000 in senior secured credit facilities, according to a market source.

Jefferies Finance LLC, Antares Capital, Golub, Citizens Bank, Natixis and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.

The facilities consist of a $100 million five-year revolver, a $675 million seven-year covenant-light first-lien term loan and a $250 million eight-year covenant-light second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Proceeds will be used to help fund the buyout of the company by CCMP Capital Advisors LLC.

As part of the transaction, TA Associates, the current holders of a majority interest in Truck Hero, and founding chief executive officer Bill Reminder and chief operating officer Kelly Kneifl will remain significant investors in the company.

Closing is expected this quarter, subject to customary conditions.

Truck Hero is an Ann Arbor, Mich.-based provider of truck bed covers and other truck and Jeep accessories.

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