Autoparts sets $215 million first-lien term loan at Libor plus 675 bps

By Sara Rosenberg

New York, Dec. 21 – Autoparts Holdings (Fram Group Holdings Inc.) firmed pricing on its $215 million five-year first-lien term loan at Libor plus 675 basis points, the high end of the Libor plus 650 bps to 675 bps talk, according to a market source.

The term loan still has a 1% Libor floor, an original issue discount of 98, 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.

Earlier in syndication, the term loan was downsized from $245 million.

The company’s $240 million credit facility also includes a $25 million ABL revolver.

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

Proceeds will be used to help refinance existing debt.

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

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

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