Auction.com wraps downsized $60 million loan at Libor plus 375 bps

By Sara Rosenberg

New York, May 16 - Auction.com completed its credit facility after reducing the total size of the deal to $60 million from $120 million and cutting pricing to Libor plus 375 basis points from talk of Libor plus 450 bps to 500 bps, according to a market source.

The facility consists of a $2 million revolver, down from $10 million, and a $58 million term loan, down from $110 million, the source said.

There is no Libor floor whereas originally a 1.5% Libor floor was proposed.

SunTrust Robinson Humphrey Inc. acted as the lead bank on the deal.

Auction.com is an Irvine, Calif.-based real estate auction firm.

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