OEConnection changes $120 million first-lien term loan OID to 99.25

By Sara Rosenberg

New York, Dec. 8 – OEConnection LLC revised the original issue discount on its fungible $120 million incremental first-lien term loan to 99.25 from 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.

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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