Caliber Collision ups spread on add-on term loan to Libor plus 525 bps

By Sara Rosenberg

New York, Feb. 23 – Caliber Collision lifted pricing on its $111 million add-on term loan due November 2019 to Libor plus 525 basis points with a step-down to Libor plus 500 bps based on leverage, from Libor plus 475 bps with a leverage-based step-up to Libor plus 500 bps, according to a market source.

In addition, the company upsized its delayed-draw term loan to $125 million from $100 million and downsized its revolver to $50 million from $75 million, the source said.

The add-on term loan still has a 1% Libor floor and an original issue discount of 99.

Included in the add-on term loan is 101 soft call protection for one year and a total net leverage covenant.

The add-on term loan will bring the total term loan size to $685 million.

With the add-on, the company’s existing term loan is also getting pricing of Libor plus 525 bps with a step-down to Libor plus 500 bps based on leverage and a 1% Libor floor, and the 101 soft call protection for one year.

Antares Capital is the lead arranger on the deal.

Proceeds will be used to fund acquisitions.

Caliber Collision, an OMERS Private Equity portfolio company, is a Lewisville, Texas-based operator of automotive collision repair centers.

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