Wheel Pros plans $416 million of incremental loans for acquisition

By Sara Rosenberg

New York, April 15 – Wheel Pros plans on getting a $326 million incremental first-lien term loan and a $90 million privately placed incremental second-lien term loan to fund a transformative acquisition, according to a market source.

UBS Investment Bank, Antares Capital, Deutsche Bank Securities Inc. and ING are the leads on the deal.

A bank meeting date to launch syndication of the incremental first-lien term loan has not officially been set as of yet.

Pro forma EBITDA will be about $130 million, first-lien leverage will be around 4.25 times and total leverage will be about 5.5 times, the source said.

When the company closed on its buyout by Clearlake Capital about a year ago, first-lien leverage was 4.25 times and total leverage was 5.6 times.

Wheel Pros is a distributor of proprietary branded wheels and performance tires.

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