Auto Europe launches $235 million first-, second-lien credit facility

By Sara Rosenberg

New York, Oct. 6 - Auto Europe held a bank meeting on Wednesday morning to launch its proposed $235 million credit facility, according to a market source.

Oppenheimer & Co. and KeyBanc Capital Markets are the lead banks on the deal.

The facility consists of a $15 million revolver, a $150 million first-lien term loan and a $70 million second-lien term loan, the source said.

Price talk on the revolver and first-lien term loan is Libor plus 500 basis points to 550 bps with a 1.75% Libor floor, the source continued. The original issue discount on the first-lien term loan is still to be determined.

Also, there is no price talk out on the second-lien term loan as of yet.

Proceeds will be used to refinance existing debt and to fund a dividend payment.

Auto Europe is a Portland, Maine-based distributor of car rental services for Europe-bound leisure travelers.

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