Parts Holding sets €580 million term loan at Euribor plus 400 bps

By Sara Rosenberg

New York, Jan. 18 – Parts Holding Europe set pricing on its €580 million seven-year term loan B (B2/BB-) at Euribor plus 400 basis points, the low end of the Euribor plus 400 bps to 425 bps talk, according to a market source.

Also, the issue price on the term loan was tightened to par from 99.5, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

BNP Paribas, Citigroup Global Markets Inc. and Goldman Sachs are the physical bookrunners on the deal. U.S. Bank is the administrative agent.

Commitments are due at 11 a.m. ET on Monday, accelerated from 7 a.m. ET on Wednesday, the source added.

Proceeds will be used to refinance the company’s existing senior secured notes due 2025.

Parts Holding, owned by D'Ieteren Group, is a pan Western European omnichannel distributor of automotive spare parts serving the B2B, online B2C and DIY independent aftermarket.

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