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Wheel Pros trims first- and second-lien loan sizes, updates pricing
By Sara Rosenberg
New York, Nov. 4 – Wheel Pros downsized its seven-year first-lien term loan to $685 million from $735 million and its second-lien term loan to $185 million from $210 million, according to a market source.
Also, price talk on the first-lien term loan was changed to Libor plus 525 basis points from a range of Libor plus 500 bps to 525 bps and the original issue discount was revised to 97.5 from 98.5, the source said.
In addition, the 101 soft call protection on the first-lien term loan was extended to one year from six months.
The first-lien term loan still has a 1% Libor floor.
The company’s now $970 million of credit facilities, down from $1.045 billion, also include a $100 million five-year ABL revolver.
UBS Investment Bank is the lead bank on the deal.
Proceeds will be used to refinance existing debt and to fund a dividend, which was reduced by $75 million to $145 million.
Wheel Pros is a distributor of proprietary branded wheels and performance tires.
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