OEConnection first- and second-lien term loan price talk surfaces

By Sara Rosenberg

New York, Nov. 8 – OEConnection LLC released price talk on its $300 million seven-year covenant-light term loan (B2/B-) and $100 million eight-year second-lien term loan (Caa2/CCC), according to a market source.

Price talk on the first-lien term loan is Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 800 bps with a 1% Libor floor and a discount of 99, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $435 million of senior credit facilities also include a $35 million six-year revolver (B2/B-).

Antares Capital and CapitalOne are the joint lead arrangers on the deal that launched with a bank meeting on Monday.

Proceeds will be used for a recapitalization.

OEConnection, a Providence Equity Partners LLC portfolio company, is a Richfield, Ohio-based provider of SaaS solutions that help drive genuine OE parts sales and services across the automotive system.

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