Keystone Auto ups spread on first-lien term loan to Libor plus 575 bps

By Sara Rosenberg

New York, Aug. 5 - Keystone Automotive Operations Inc. increased pricing on its $235 million six-year first-lien term loan (B3/B) to Libor plus 575 basis points from Libor plus 475 bps, according to a market source.

The first-lien loan still has a 1.25% Libor floor, an original issue discount of 98½ and 101 soft call protection for one year.

The company is also getting a $100 million seven-year second-lien term loan (Caa2/CCC+) that continues to be talked at Libor plus 850 bps with a 1.25% Libor floor, a discount of 98 and 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.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

UBS Securities LLC, Goldman Sachs Bank USA and BofA 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.

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