OEConnection shifts funds between funded and delayed-draw term loans

By Sara Rosenberg

New York, April 13 – OEConnection upsized its funded incremental first-lien term loan to $100 million from $75 million and downsized its pre-placed delayed-draw first-lien term loan to $50 million from $75 million, according to a market source.

Also, the original issue discount on the incremental first-lien term loan was revised to 99 from 98.79, the source said.

Pricing on the incremental term loan is Libor plus 400 basis points with a 0% Libor floor, in line with pricing on the company’s existing $454 million first-lien term loan due September 2026.

Antares Capital is the lead on the deal (B2/B-).

Allocations are expected on Wednesday, the source added.

Proceeds will be used to finance an acquisition, and the extra funded amount will be added to the balance sheet to support the company’s acquisition pipeline.

OEConnection is a Cleveland-based provider of SaaS solutions that help drive genuine original equipment parts sales and services across the entire automotive system.

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