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Motor Fuel Group firms £465 million term B at Libor plus 450 bps
By Sara Rosenberg
New York, June 16 – Motor Fuel Group set pricing on its £465 million seven-year term loan B at Libor plus 450 basis points, the low end of revised talk of Libor plus 450 bps to 475 and down from initial talk of Libor plus 475 bps to 500 bps, according to a market source.
Of the total term loan amount, £105 million is a fungible add-on and £360 million is existing.
As before, the term loan has a 0% Libor floor, an original issue discount of 99.875 and 101 soft call protection for six months.
Earlier in syndication, the original issue discount on the new money was tightened from 99.75.
Barclays and BNP Paribas are the joint global coordinators, physical bookrunners and lead arrangers. BNP is the agent.
Allocations went out on Friday.
Proceeds from the add-on loan will be used to fund a dividend to shareholders.
Motor Fuel is a U.K.-based forecourt operator.
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