Les Schwab talks $1.58 billion term loan B at Libor plus 350-375 bps

By Sara Rosenberg

New York, Oct. 19 – Les Schwab Tire Centers launched on Monday its $1.575 billion term loan B (B) with price talk of Libor plus 350 basis points to 375 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC is the left lead on the deal.

Commitments are due at 5 p.m. ET on Oct. 28, the source added.

Proceeds will be used to help fund the buyout of the company by Meritage Group LP.

Les Schwab is a Bend, Ore.-based tire retail chain.

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