AutoTrader.com cuts term B to $300 million, ups term A to $125 million

By Sara Rosenberg

New York, June 9 - AutoTrader.com downsized its term loan B to $300 million from $325 million and upsized its term loan A to $125 million from $100 million, according to a market source.

Pricing on the term loan B is Libor plus 450 basis points with a 1.5% Libor floor, and it was sold at an original issue discount of 98. There is 101 soft call protection for one year.

And, pricing on the term loan A is Libor plus 425 bps.

The company's $525 million credit facility (Ba3/BB+) also includes a $100 million revolver, which is also priced at Libor plus 425 bps.

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

Proceeds will be used to help fund Providence Equity Partners' acquisition of a 25% interest in the company from Cox Enterprises Inc.

Following completion of the transaction, Cox will maintain majority ownership and operating control of AutoTrader.com.

Closing is expected to take place 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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