American Trailer flexes $750 million term loan to Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 17 – American Trailer Works lowered pricing on its $750 million seven-year first-lien term loan B (B3/B) to Libor plus 375 basis points from talk in the range of Libor plus 450 bps to 475 bps, according to a market source.

Also, a 25 bps permanent step-down was added to the term loan at or below 3.6x net total leverage and the original issue discount was tightened to 99.5 from 99, the source said.

The term loan still has a 0.75% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, Barclays and Truist are the lead arrangers on the deal.

Recommitments were scheduled to be due at 12:30 p.m. ET on Wednesday, the source added.

Proceeds will be used to refinance existing senior secured notes, add cash to the balance sheet and pay related fees and expenses.

Bain Capital is the sponsor.

American Trailer Works is Richardson, Tex.-based manufacturer and distributor of professional grade trailers, consumer grade trailers, truck equipment and retail parts.

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