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Les Schwab Tire to launch $301 million add-on term loan on Tuesday
By Sara Rosenberg
New York, Feb. 7 – Les Schwab Tire Centers is scheduled to hold a lender call at 10 a.m. ET on Tuesday to launch a fungible $301 million add-on term loan due 2027 (B), according to a market source.
JPMorgan Chase Bank is the lead on the deal.
Pricing on the add-on term loan is Libor plus 325 basis points if net total leverage is 4.5x and Libor plus 350 bps if net total leverage is above 4.5x, with a 0.75% Libor floor, in line with existing term loan pricing. Currently, the term loan is priced at Libor plus 325 bps.
Original issue discount talk on the add-on term loan is 99 to 99.5, the source said.
Commitments are due at 5 p.m. ET on Feb. 15, the source added.
Proceeds will be used to fund a dividend.
Les Schwab is a Bend, Ore.-based tire retail chain.
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