APC Aftermarket flexes $315 million term loan to Libor plus 500 bps

By Sara Rosenberg

New York, May 2 – APC Aftermarket increased pricing on its $315 million seven-year covenant-light first-lien term loan (B2/B) to Libor plus 500 basis points from Libor plus 450 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 98 from 99 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor.

The company’s $515 million in credit facilities also include a $75 million asset-based revolver and a $125 million privately placed eight-year second-lien term loan.

Jefferies LLC and Goldman Sachs Bank USA are the lead banks on the deal.

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

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