Allsup’s launches $525 million term loan B at Libor plus 550-575 bps

By Sara Rosenberg

New York, Oct. 30 – Allsup’s launched on Wednesday its $525 million seven-year first-lien term loan B (B2/B) with price talk of Libor plus 550 basis points to 575 bps with a 1% Libor floor and an original issue discount of 98, according to a market source.

The term loan has 101 soft call protection for one year and a total net leverage ratio covenant of 6.25x, the source said.

Goldman Sachs Bank USA and RBC Capital Markets are the leads on the deal.

Commitments are due on Nov. 13, the source added.

Proceeds will be used to help fund the acquisition of the company by Yesway, a portfolio company of Brookwood.

Allsup’s is a Clovis, N.M.-based operator of 305 gas stations and convenience stores throughout New Mexico, Texas and Oklahoma. Yesway is a Des Moines, Iowa-based convenience store chain.

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