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Les Schwab Tire firms $301 million add-on term loan at 99.5 OID
By Sara Rosenberg
New York, Feb. 16 – Les Schwab Tire Centers set the original issue discount on its fungible $301 million add-on term loan due 2027 (B) at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.
Pricing on the add-on term loan is Libor plus 325 basis points with a step-up to Libor plus 350 bps if net total leverage is above 4.5x and a 0.75% Libor floor.
JPMorgan Chase Bank is the lead on the deal.
Proceeds will be used to fund a dividend.
Les Schwab is a Bend, Ore.-based tire retail chain.
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