FR Refuel firms $300 million of term loans at Libor plus 475 bps

By Sara Rosenberg

New York, Nov. 8 – FR Refuel LLC finalized pricing on its $265 million seven-year covenant-lite first-lien term loan and $35 million covenant-lite delayed-draw term loan at Libor plus 475 basis points, the high end of the Libor plus 450 bps to 475 bps talk, according to a market source.

The term loan debt still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Citizens Bank is the lead arranger and administrative agent on the deal (B3/B).

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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