Auto Europe shops $147.5 million credit facility

By Sara Rosenberg

New York, Sept. 19 - Auto Europe LLC is in-market with a $147.5 million credit facility, according to a market source.

CIBC is the lead bank on the deal.

The facility consists of a $10 million revolver talked at Libor plus 325 basis points, a $105 million first-lien term loan talked at Libor plus 325 bps and a $32.5 million second-lien term loan talked at Libor plus 700 bps, the source said.

Proceeds from the deal will be used for a dividend recapitalization.

The deal has been well received since its launch on Thursday, as commitments from lenders have been coming in to the books, the source added.

Auto Europe is a Portland, Maine, distributor of leisure car rental services for Europe-bound travelers from North America, Europe and Australia.

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