Keystone Automotive fills out $120 million term loan led by Goldman

By Sara Rosenberg

New York, Feb. 2 - Keystone Automotive Operations Inc.'s $120 million first-lien senior secured term loan is fully subscribed, according to a news release.

Goldman Sachs is the lead bank on the deal.

The term loan is part of the company's recapitalization plan, under which debt will be reduced by about $295 million.

In addition to term loan, the transaction includes a new asset-based revolving credit facility to which Bank of America has already committed.

Proceeds from the term loan, asset-based revolver, a rights offering and cash on hand will be used to repay the company's existing ABL revolver and term loan.

Also under the plans, the company's existing $175 million senior subordinated notes will be converted into new equity.

Keystone is an Exeter, Pa.-based distributor and marketer of specialty automotive accessories.

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