Mavis Tire delays $2.12 billion credit facilities launch to next week

By Sara Rosenberg

New York, April 14 – Mavis Tire Express Services TopCo LP postponed the lender call to launch its $2.115 billion of credit facilities to the week of April 19 from 11 a.m. ET on Wednesday, according to a market source.

Jefferies LLC, Apollo, Ares, BofA Securities Inc., KKR Capital Markets, GSO, Golub Capital and Stifel are the lead arrangers on the deal.

The facilities consist of a $200 million five-year revolver and a $1.915 billion seven-year senior secured first-lien term loan.

The term loan has 101 soft call protection for six months.

Proceeds will be used with $820 million of senior notes to help fund the buyout of the company by an investor group led by BayPine LP in partnership with TSG Consumer Partners LP. Golden Gate Capital, Mavis’ current lead financial partner, will retain a minority interest in the company.

Closing is expected in the second quarter.

Mavis is a Millwood, N.Y.-based tire retailer and automotive aftermarket service provider.

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