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American Tire revises offer price on $420 million term loan to par
By Sara Rosenberg
New York, June 11 – American Tire Distributors Inc. modified the offer price on its $420 million incremental term loan (B2/CCC+) due June 2018 to par from 99¾, according to a market source.
The term loan is split between a $340 million funded tranche and an $80 million delayed-draw tranche.
Pricing on the incremental loan is Libor plus 475 basis points with a 1% Libor floor.
Bank of America Merrill Lynch is the lead bank on the deal.
Proceeds will be used to refinance 9¾% notes.
American Tire is a Huntersville, N.C.-based replacement tire distributor.
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