AutoTrader.com launches $100 million term add at Libor plus 450 bps

By Sara Rosenberg

New York, Sept. 21 - AutoTrader.com held a conference call on Tuesday afternoon to launch a $100 million incremental term loan that is being talked at Libor plus 450 basis points with no Libor floor and an original issue discount of 991/2, according to a market source.

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

Proceeds will be used to fund the acquisition of vAuto, an Oak Brook, Ill.-based provider of advanced software tools for used vehicle management, pricing and inventory optimization.

Commitments are due on Oct. 5.

Total leverage is 2.9 times.

The company does not have to amend its existing credit facility to do the incremental term loan since there is ample room under the accordion feature.

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

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