Service King revises OID on $125 million add-on term loan B to 99.25

By Sara Rosenberg

New York, Oct. 16 – Service King Collision Repair Centers revised the original issue discount on its fungible $125 million add-on term loan B to 99.25 from the 99 area, according to a market source.

Also, a $25 million delayed-draw term loan was added that is being sold as a strip with the add-on term loan B, the source said.

Pricing on the term debt is Libor plus 350 basis points with a 1% Libor floor.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Macquarie Capital (USA) Inc. are the leads on the deal.

Proceeds will be used to pay down revolver borrowings and for general corporate purposes.

Service King is a Dallas-based operator of a chain of automobile body repair centers.

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