AutoTrader talks $400 million of pro rata debt at Libor plus 225 bps

By Sara Rosenberg

New York, April 9 - AutoTrader.com is talking its $400 million of incremental pro rata debt at Libor plus 225 basis points ahead of the Tuesday call that will launch the deal into syndication, according to a market source.

The debt is comprised of a $200 million incremental term loan A due 2017 and a $200 million incremental revolver due 2015.

Price talk on the new debt is in line with existing pro rata pricing, the source said.

Wells Fargo Securities LLC is the left lead bank on the deal.

Proceeds will be used to fund a $400 million dividend.

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

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