Fleetpride lifts loan to $920 million, flexes to SOFR plus 450 bps

By Sara Rosenberg

New York, Sept. 26 – Fleetpride upsized its first-lien term loan due September 2028 (B3/B-) to $920 million from $870 million and reduced pricing to SOFR plus 450 basis points from SOFR plus 475 bps, according to a market source.

Also, the original issue discount on the term loan firmed at 98.5, the tight end of the 98 to 98.5 talk, the source said.

The term loan still has a 0.5% floor, 101 soft call protection for six months and amortization of 1% per annum.

RBC Capital Markets is the left lead arranger on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to extend the maturity of an existing $594 million first-lien term loan due January 2026 and to repay existing ABL revolving credit facility borrowings. The amount of the revolver paydown was increased with the term loan upsizing.

Fleetpride, owned by American Securities, is an Irving, Tex.-based distributor of aftermarket heavy-duty truck and trailer parts.

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