FR Refuel talks $300 million of term loans at Libor plus 450-475 bps

By Sara Rosenberg

New York, Oct. 19 – FR Refuel LLC launched on Tuesday its $265 million seven-year covenant-lite first-lien term loan and $35 million covenant-lite delayed-draw term loan with price talk of Libor plus 450 basis points to 475 bps with a 0.75% Libor floor and an original issue discount of 99, according to a market source.

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

Citizens Bank is the lead arranger and administrative agent on the deal.

Commitments are due on Nov. 2, the source added.

Proceeds will be used to refinance existing debt.

First Reserve is the sponsor.

FR Refuel is a Charleston, S.C.-based regional convenience store operator.

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