APC Aftermarket talks $315 million term loan at Libor plus 450 bps

By Paul A. Harris

Portland, Ore., April 18 – APC Aftermarket talked its $315 million seven-year covenant-light first-lien term loan with a 450 basis points spread to Libor atop a 1% Libor floor at 99, according to a market source.

Commitments are due May 1.

Left arranger Jefferies LLC and joint arranger Goldman Sachs & Co. are leading the loan, which comes with six months of call protection at 101.

The $515 million facility also includes a $75 million asset-based revolver and a $125 million privately placed second-lien term loan.

Proceeds will be used to fund the acquisition and merger of AP Exhaust Products, Inc. and CWD, LLC to create APC Aftermarket, an emissions supplier in the automotive, heavy-duty, and performance aftermarkets as well as a leading full-line distributor and supplier of aftermarket brake and chassis components.

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