Caliber ups term loan to $2.73 billion, flexes to SOFR plus 375 bps

By Sara Rosenberg

New York, Jan. 18 – Caliber Collision (Wand NewCo 3 Inc.) upsized its seven-year term loan B (B3/B) to $2.725 billion from $2.525 billion and reduced pricing to SOFR plus 375 basis points from talk in the range of SOFR plus 400 bps to 425 bps, according to a market source.

Also, 25 bps pricing step-downs were added to the term loan at 4.75x and 4.25x first-lien net leverage, and the original issue discount was revised to 99.75 from 99, the source said.

The term loan still has a 0% floor, 0 bps CSA and 101 soft call protection for six months.

BofA Securities Inc., Goldman Sachs Bank USA, Deutsche Bank Securities Inc., Mizuho, Truist Securities, RBC Capital Markets, Wells Fargo Securities LLC, BMO Capital Markets, JPMorgan Chase Bank, Jefferies LLC, SMBC and PNC are the arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Thursday, the source added.

Proceeds will be used with $1.25 billion of senior secured notes to refinance existing debt and fund a distribution to shareholders, which was increased with the term loan upsizing.

Caliber Collision is a Lewisville, Tex.-based collision repair company.

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