OEConnection to launch $472 million credit facilities on Thursday

By Sara Rosenberg

New York, Sept. 3 – OEConnection LLC is scheduled to hold a bank meeting in New York on Thursday to launch $472 million of first-lien credit facilities, according to a market source.

Antares Capital, Golub Capital and Capital One Bank are the joint lead arrangers on the deal.

The facilities consist of a $50 million five-year revolver and a $422 million seven-year covenant-lite first-lien term loan, the source said.

In addition, the company is getting a $185 million privately placed second-lien term loan.

Proceeds will be used to help fund the buyout of the company by Genstar Capital from Providence Equity Partners LLC.

As part of the transaction, current investors Ford Motor Co. and General Motors will each retain their minority investments in the company.

Closing is expected in the third quarter, subject to customary conditions.

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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