OEConnection pulls repricing proposal, opts for $25 million add-on

By Sara Rosenberg

New York, June 20 – OEConnection LLC cancelled plans to reprice its existing $300 million first-lien term loan and decided to get a $25 million add-on first-lien term loan instead, according to a market source.

Pricing on the add-on term loan is Libor plus 400 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing, and the new debt was issued at par, the source said.

The repricing of the existing first-lien term loan had been talked at Libor plus 350 bps with a 1% Libor floor and a par issue price.

Antares Capital is the lead on the deal.

Proceeds from the add-on first-lien term loan will be used to pay down second-lien term loan borrowings.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.