Autoparts Holdings trims first-lien term loan size to $215 million

By Sara Rosenberg

New York, Dec. 19 – Autoparts Holdings (Fram Group Holdings Inc.) downsized its five-year first-lien term loan to $215 million from $245 million, according to a market source.

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

As before, 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.

The company’s now $240 million credit facility, down from $270 million, also includes a $25 million ABL revolver.

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

Commitments are due at noon ET on Tuesday.

Proceeds will be used to help refinance existing debt.

Due to the term loan downsizing, $30 million of equity is being used for the refinancing, the source added.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.