EOC Group to launch $1.88 billion credit facility on Wednesday

New York, Feb. 26 – EOC Group, Inc. which does business as Mavis Discount Tire and Express Oil Change & Engineers, will launch a $1.88 billion credit facility at a bank meeting to start at 10:30 a.m. ET on Wednesday, according to a market source.

The facility includes a $100 million revolver, a $1.09 billion seven-year first-lien term loan and a $178.5 million delayed-draw seven-year first-lien term loan.

There is also a $435 million eight-year second-lien term loan and a $71.5 million delayed-draw eight-year second-lien term loan, both of which have been pre-placed.

The first lien term loans have 101 call protection for six months. For the second-lien loans, the protection is 102, declining to 101.

Jefferies, Antares, KKR Capital Markets, Angel Island and Cowen are arrangers with Jefferies on the left.

Proceeds will be used to fund Golden Gate Capital’s acquisition of Mavis Discount Tire and the merger of Mavis with Express Oil Change & Tire Engineers, an existing Golden Gate portfolio company.

Mavis announced on Friday that it has signed a definitive agreement to merge with Express. Financial terms of the transaction were not disclosed.

The merger is expected to close in the first half of 2018.

Mavis is a tire and automotive service provider based in Millwood, N.Y. Express is an automotive service platform based in Birmingham, Ala.

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