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Wheel Pros launches $735 million term loan at Libor plus 500-525 bps
By Sara Rosenberg
New York, Oct. 14 – Wheel Pros launched on Wednesday its $735 million seven-year first-lien term loan with price talk of Libor plus 500 basis points to 525 bps with a 1% Libor floor and an original issue discount of 98.5, according to a market source.
The first-lien term loan has 101 soft call protection for six months, the source said.
The company’s $1.045 billion of credit facilities also include a $100 million five-year ABL revolver and a $210 million second-lien term loan.
UBS Investment Bank is the lead bank on the deal.
Commitments are due on Oct. 28, the source added.
Proceeds will be used to refinance existing debt and to fund a dividend.
Wheel Pros is a distributor of proprietary branded wheels and performance tires.
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