FR Refuel trims term loan to $100 million, widens OID to 96

By Sara Rosenberg

New York, Oct. 23 – FR Refuel LLC downsized its non-fungible incremental covenant-lite first-lien term loan due Nov. 8, 2028 to $100 million from $120 million and revised the original issue discount to 96 from 97, according to a market source.

Price talk on the incremental term loan remained at SOFR+CSA plus 475 basis points with a 0.75% floor.

CSA is 11 bps one-month rate, 26 bps three-month rate and 43 bps six-month rate.

The incremental term loan still has 101 soft call protection for six months.

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

Commitments are due at noon ET on Wednesday, 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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