Les Schwab $1.58 billion term loan B firms at 350, low end of talk

Chicago, Oct. 26 – Les Schwab Tire Centers firmed talk on Monday on its $1.575 billion term loan B to Libor plus 350 basis points, the low end of talk which was initially in the range of 350 bps to 375 bps.

The original issue discount moved higher, now at 99.5 versus launch talk at 99.

The 0.75% Libor floor remains unchanged.

The term loan has 101 soft call protection for six months, according to a market source.

J.P. Morgan Securities LLC is the left lead on the deal.

Previously reported, commitments are due at 5 p.m. ET on Oct. 28.

Proceeds will be used to help fund the buyout of the company by Meritage Group LP.

Les Schwab is a Bend, Ore.-based tire retail chain.

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