Mavis Tire ups spread on $2.3 billion term loan to SOFR plus 375 bps

By Sara Rosenberg

New York, Jan. 24 – Mavis Tire Express Services TopCo Corp. increased pricing on its roughly $2.301 billion first-lien term loan due May 4, 2028 to SOFR plus 375 basis points from SOFR plus 350 bps, according to a market source.

The term loan still has a 0.75% floor, a par issue price, 101 soft call protection for six months and no CSA.

Jefferies LLC is the bookrunner on the deal.

Recommitments were scheduled to be due at 2 p.m. ET on Wednesday, the source added.

Proceeds will be used to reprice an existing first-lien term loan down from SOFR+CSA plus 400 bps with a 0.75% floor. CSA on the existing loan is 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

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

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