Caliber Collision revises pricing on first- and second-lien term loans

By Sara Rosenberg

New York, Jan. 25 – Caliber Collision trimmed pricing on its $750 million seven-year first-lien term loan (B1/B+) and $50 million delayed-draw seven-year first-lien term loan (B1/B+) to Libor plus 300 basis points from Libor plus 350 bps and on its $250 million eight-year second-lien term loan (Caa1/CCC+) to Libor plus 725 bps from talk of Libor plus 775 bps to 800 bps, according to a market source.

In addition, the original issue discount on the first-lien term loan debt was changed to 99.75 from 99.5 and the discount on the second-lien term loan was revised to 99.5 from 99, the source said.

Both term loans still have a 1% Libor floor, the first-lien term loan still has 101 soft call protection for six months, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.

The company’s $1,165,000,000 credit facility also includes a $115 million revolver (B1/B+).

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

Commitments were due at 5 p.m. ET on Wednesday, 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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