Global Auto Care launches $300 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, Oct. 14 - Global Auto Care launched its $300 million term loan on Thursday with price talk of Libor plus 475 basis points with a 1.75% Libor floor and an original issue discount of 981/2, according to a market source.

The company's $350 million credit facility also includes a $50 million revolver.

JPMorgan, Natixis and RBC Capital are the joint lead arrangers on the deal.

Proceeds will be used to help fund the acquisition of Clorox Co.'s global auto care business by Viking Acquisition Inc., an entity formed by Avista Capital Partners, for roughly $780 million.

Other financing for the transaction will come from equity and $250 million of notes.

Closing on the acquisition is expected by year-end, subject to regulatory and other customary approvals and conditions.

Global Auto Care is a manufacturer, marketer and distributor of automotive aftermarket appearance and performance auto-care products.

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