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Dealer Tire flexes $415 million add-on loan to Libor plus 425 bps
By Sara Rosenberg
New York, Jan. 28 – Dealer Tire reduced pricing on its $415 million add-on term loan (B1/B-) to Libor plus 425 basis points from Libor plus 550 bps and changed the original issue discount to 99.75 from 99.5, according to a market source.
Also, the company is looking to reprice its existing $968 million term loan (B1/B-) to Libor plus 425 bps with a 0% Libor floor and the debt is offered at an original issue discount of 99.75, the source said.
J.P. Morgan Securities LLC, Jefferies LLC, BofA Securities Inc., BMO Capital Markets, Barclays, Goldman Sachs Bank USA and RBC Capital Markets are the leads on the deal.
The add-on term loan will be used to help fund the acquisition of Dent Wizard, a St. Louis-based provider of automotive reconditioning services and vehicle protection products, from Gridiron Capital.
Dealer Tire is a Cleveland-based manager of replacement tire and parts programs for automotive OEMs.
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