Caliber Collision launches $1.17 billion credit facility to investors

By Sara Rosenberg

New York, Jan. 18 – Caliber Collision launched at its lender meeting on Wednesday a $1,165,000,000 credit facility, according to a market source.

The facility consists of a $115 million revolver (B1/B+), a $750 million seven-year first-lien term loan (B1/B+), a $50 million delayed-draw seven-year first-lien term loan (B1/B+) and a $250 million eight-year second-lien term loan (Caa1/CCC+), the source said.

Price talk on the first-lien term loan debt is Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 775 bps to 800 bps with a 1% Libor floor and a discount of 99, the source continued.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Bank of America Merrill Lynch, RBC Capital Markets, SunTrust Robinson Humphrey Inc., Golub Capital and Antares Capital are the leads on the deal.

Commitments are due at noon ET on Jan. 27, the source added.

Proceeds will be used to refinance existing debt, to fund a dividend and for general corporate purposes.

Caliber Collision is a Lewisville, Texas-based operator of automotive collision repair centers.

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