Mavis Tire launches $1.92 billion term loan at Libor plus 375 bps

By Sara Rosenberg

New York, April 21 – Mavis Tire Express Services TopCo LP launched on Wednesday its $1.915 billion seven-year senior secured first-lien term loan with price talk of Libor plus 375 basis points with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.

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

The company’s $2.115 billion of credit facilities (B-) also include a $200 million five-year revolver.

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

Commitments are due at noon ET on April 30, the source added.

Proceeds will be used with $720 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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