Global AutoCare cuts $300 million term spread to Libor plus 425 bps

By Sara Rosenberg

New York, Nov. 2 - Global AutoCare reduced pricing on its $300 million term loan to Libor plus 425 basis points from Libor plus 475 bps and tightened the original issue discount to 99 from 981/2, according to a market source.

Also, 101 soft call protection for one year was added to the loan, the source said.

The 1.75% Libor floor was left unchanged.

The company's $350 million credit facility (Ba3/B+) 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 $275 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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