AutoTrader.com shifts tranche sizes, reduces pricing across the board

By Sara Rosenberg

New York, Dec. 9 - AutoTrader.com moved some funds out of its term loan B and into its pro rata bank debt and trimmed pricing on all tranches, according to a market source.

The five-year revolver is now sized at $200 million, up from $150 million; the five-year term loan A is now sized at $250 million, up from $200 million; and the six-year term loan B is now sized at $500 million, down from $600 million, the source said.

Pricing on the revolver and the term loan A was reduced to Libor plus 300 basis points from Libor plus 350 bps, while pricing on the term loan B was lowered to Libor plus 325 bps from talk of Libor plus 375 bps to 400 bps, the source continued.

Also, the original issue discount on the term loan B was tightened to 99½ from 99, while the 1.5% Libor floor was left unchanged.

Recommitments are due by 10 a.m. ET on Friday.

Wells Fargo, JPMorgan, Goldman Sachs, SunTrust, Fifth Third Bank and UBS are the lead banks on the $950 million credit facility (Ba3/BB+), with Wells Fargo the left lead.

Proceeds will be used to fund the acquisition of Irvine, Calif.-based Kelley Blue Book, a provider of new and used vehicle pricing information, and its sister companies, CDMdata and CDM Dealer Services.

Closing is expected by the end of the year.

AutoTrader.com is an Atlanta-based automotive marketplace and consumer information website.

© 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.