Keystone sets talk on first- and second-lien term loans with launch

By Sara Rosenberg

New York, July 23 - Keystone Automotive Operations Inc. released price talk on its $235 million six-year first-lien term loan and $100 million seven-year second-lien term loan with its bank meeting on Tuesday, according to a market source.

The first-lien term loan is talked at Libor plus 475 basis points with a 1.25% Libor floor and an original issue discount of 981/2, and the second-lien term loan is talked at Libor plus 850 bps with a 1.25% Libor floor and a discount of 98, the source said.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien term loan has call protection of 103 in year one, 102 in year two and 101 in year three.

In addition to the term loans, the company is getting a $25 million ABL revolver that is not being syndicated.

UBS Securities LLC, Goldman Sachs Bank USA and Bank of America Merrill Lynch are the bookrunners on the deal.

Proceeds will be used to repay existing debt and fund a dividend to shareholders.

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

© 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.