American Tire launches $1 billion term B at Libor plus 625 bps

By Sara Rosenberg

New York, Sept. 28 – American Tire Distributors Inc. launched on Tuesday its $1 billion seven-year term loan B (Caa1/B-/B-) with price talk of Libor plus 625 basis points with a 0.75% Libor floor and an original issue discount of 98 to 99, according to a market source.

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

BofA Securities Inc., Wells Fargo Securities LLC and Citigroup Global Markets Inc. are the leads on the deal.

Commitments are due at noon ET on Oct. 7, the source added.

Proceeds will be used to refinance existing debt.

American Tire is a Huntersville, N.C.-based tire distributor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.