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FR Refuel launches $120 million term loan at SOFR plus 475 bps
By Sara Rosenberg
New York, Sept. 28 – FR Refuel LLC launched on Thursday its non-fungible $120 million incremental covenant-lite first-lien term loan due Nov. 8, 2028 with price talk of SOFR plus 475 basis points with a 0.75% floor and an original issue discount of 97, according to a market source.
The incremental term loan has 101 soft call protection for six months.
Citizens Bank is the lead arranger and administrative agent on the deal.
Commitments are due on Oct. 13, the source added.
Proceeds will be used to term out revolving credit facility borrowings and to fund an acquisition.
First Reserve is the sponsor.
FR Refuel is a Charleston, S.C.-based regional convenience store operator.
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