Club Car revises $775 million term loan discount to 99.5

By Sara Rosenberg

New York, May 12 – Club Car tightened the original issue discount on its $775 million seven-year senior secured term loan (B2/B) to 99.5 from 99, according to a market source.

Also, a ticking fee was added to the term loan of half the margin from days 46 to 90 and the full margin thereafter, the source said.

Pricing on the term loan remained at Libor plus 400 basis points with a 0.5% Libor floor.

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

Goldman Sachs Bank USA, BofA Securities Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are the arrangers on the deal.

Recommitments were scheduled to be due at 3:15 p.m. ET on Wednesday, the source added.

Proceeds will be used to help fund the buyout of the company by Platinum Equity from Ingersoll Rand in a transaction valued at $1.7 billion.

Other funds for the transaction will come from notes.

Closing is expected in the third quarter, subject to standard conditions.

Club Car is an Augusta, Ga.-based manufacturer of golf cars, utility, personal transportation and other low-speed vehicles, including all-electric models, and related aftermarket parts and services.

© 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.