AutoTrader.com seeks $100 million term A add-on, facility repricing

By Sara Rosenberg

New York, May 25 - AutoTrader.com is in market with a $100 million term loan A add-on and a repricing of its existing pro rata and term loan B bank debt, according to a market source.

The term loan A add-on as well as the existing term loan A - sized at $250 million at close in December - and $200 million revolver are talked at Libor plus 225 basis points, down from existing pricing of Libor plus 300 bps, the source said.

Proceeds from the term loan A add-on will be used to help fund the acquisition of VinSolutions, an Overland Park, Kan.-based dealer software company.

Meanwhile, the company's term loan B, which was sized at $500 million at close, is being talked at Libor plus 300 bps with a 1% Libor floor and 101 soft call protection for six months versus current pricing of Libor plus 325 bps with a 1.5% floor and no call protection, the source continued.

Also, the term loan B will be moving to a covenant-light structure.

Wells Fargo Securities LLC is the lead bank on the deal that launched with a call on Tuesday.

Commitments are due on June 6.

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

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