Wheel Pros readies launch of $1 billion term loan for Tuesday

By Sara Rosenberg

New York, April 12 – Wheel Pros Inc. is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a $1 billion seven-year covenant-lite first-lien term loan, according to a market source.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, Jefferies LLC, Credit Suisse Securities (USA) LLC, KKR Capital Markets and UBS Investment Bank are the bookrunners on the deal.

The term loan has 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on April 22.

Proceeds will be used to fund the acquisition of the company by Fund Icon Partners III, a single asset investment vehicle managed by Clearlake Capital Group as general partner, from Clearlake managed funds and refinance existing debt.

Closing is expected in the second quarter.

Wheel Pros is a Denver-based distributor of proprietary branded wheels and performance tires.

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