IAA Spinco talks $900 million term loan B at Libor plus 250-275 bps

By Sara Rosenberg

New York, May 13 – IAA Spinco Inc. launched with a bank meeting on Monday its $900 million seven-year term loan B (Ba2/BB/BB+) with price talk of Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

Prior to the meeting, talk on the term loan B was circulating at Libor plus 275 bps with a 0% Libor floor and a discount of 99.

The term loan has 101 soft call protection for six months.

J.P. Morgan Securities is the lead bank on the deal.

Proceeds will be used to pay a dividend to KAR Auction Services in connection with its spinoff from KAR.

IAA Spinco is a Westchester, Ill.-based provider of salvage car auction solutions for total loss, damaged and low-value vehicles.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.