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Motor Fuel reveals talk on pound and euro term loans with launch
By Sara Rosenberg
New York, April 23 – Motor Fuel Group (CD&R Firefly Bidco Ltd.) released price talk on its £900 million seven-year covenant-light term loan B and £296 million euro equivalent seven-year covenant-light term loan B with its bank meeting in London on Monday, according to a market source.
The pound-denominated term loan is talked at Libor plus 425 basis points to 450 bps with a 0% Libor floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 350 bps to 375 bps with a 0% floor and a discount of 99.5, the source said.
Commitments are due at the close of business on May 9.
The company’s £1,761,000,000 equivalent of credit facilities also include a £230 million six-year multi-currency revolver, a £50 million six-year multi-currency letter-of-credit facility and a £285 million eight-year pre-placed covenant-light second-lien term loan.
BNP Paribas, Goldman Sachs and HSBC are the general coordinators on the deal and bookrunners and mandated lead arrangers with Citigroup, Deutsche Bank, ING, RBC and Societe Generale.
Proceeds will be used to help fund the acquisition of MRH, a U.K. petrol station and convenience retail operator, in a transaction valued at about £1.2 billion.
Closing is expected in the second quarter, subject to customary regulatory approvals.
Motor Fuel Group, a Clayton, Dubilier & Rice portfolio company, is a U.K.-based petrol station and convenience retail operator.
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