Les Schwab Tire firms $301 million add-on term loan at 99.5 OID

By Sara Rosenberg

New York, Feb. 16 – Les Schwab Tire Centers set the original issue discount on its fungible $301 million add-on term loan due 2027 (B) at 99.5, the tight end of the 99 to 99.5 talk, according to a market source.

Pricing on the add-on term loan is Libor plus 325 basis points with a step-up to Libor plus 350 bps if net total leverage is above 4.5x and a 0.75% Libor floor.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to fund a dividend.

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

© 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.