AutoTrader.com launches $325 million term loan B at discount of 99

By Sara Rosenberg

New York, May 13 - AutoTrader.com launched its $325 million term loan B on Thursday with an original issue discount of 99, according to a market source.

As was previously reported, price talk on the term loan B is Libor plus 350 basis points with a 1.5% Libor floor.

The $525 million credit facility (Ba3/BB+) also includes a $100 million revolver and a $100 million term loan A, with both of these tranches talked at Libor plus 350 bps.

Goldman Sachs and Wells Fargo are the lead banks on the deal.

Proceeds will be used to help fund Providence Equity Partners' acquisition of a 25% interest in the company from Cox Enterprises Inc. Cox will maintain majority ownership and operating control of AutoTrader.com.

The transaction is expected to close as soon as all necessary approvals have been obtained.

AutoTrader.com is an Atlanta-based internet automotive shopping and advertising site.

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