Autoparts Holdings to launch $270 million credit facility on Monday

By Sara Rosenberg

New York, Dec. 2 – Autoparts Holdings (Fram Group Holdings Inc.) is scheduled to hold a bank meeting at 12:30 p.m. ET in New York on Monday to launch a $270 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The facility consists of a $25 million ABL revolver and a $245 million five-year first-lien term loan, the source said.

Price talk on the term loan is Libor plus 650 basis points to 675 bps with a 1% Libor floor and an original issue discount of 98, the source continued.

The term loan has 101 soft call protection for one year, a maximum total net leverage covenant, and amortization of 5% in years one and two, and 7.5% thereafter.

Proceeds will be used to refinance existing debt.

Commitments are due on Dec. 16, the source added.

Autoparts is a Lake Forest, Ill.-based manufacturer of filtration products and spark plugs for the automotive aftermarket.

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