OEConnection launches $120 million first-lien term loan at 99.03 OID

By Sara Rosenberg

New York, Dec. 1 – OEConnection LLC launched at its lender meeting on Wednesday a fungible $120 million incremental first-lien term loan that is talked with an original issue discount of 99.03, according to a market source.

Pricing on the incremental first-lien term loan is Libor plus 400 basis points with no floor, in line with the existing term loan.

Antares Capital is the lead on the deal.

Commitments are due on Dec. 8, the source added.

Proceeds will be used with a $120 million pre-placed incremental second-lien term loan and a $100 million pre-placed PIK preferred to fund the acquisition of Opstrax, a provider of OEM/aftermarket parts procurement and logistics software.

Genstar is the sponsor.

Pro forma for the transaction, the first-lien term loan will total $723 million.

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

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