Mavis ups spread on $1.92 billion term loan to Libor plus 400 bps

By Sara Rosenberg

New York, April 30 – Mavis Tire Express Services TopCo LP increased pricing on its $1.915 billion seven-year senior secured first-lien term loan to Libor plus 400 basis points from Libor plus 375 bps, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $2.115 billion of credit facilities (B2/B-) also include a $200 million five-year revolver.

Jefferies LLC, Apollo, Ares, BofA Securities Inc., KKR Capital Markets, Blackstone, Golub Capital and Stifel are the lead arrangers on the deal.

Proceeds will be used with $720 million of senior notes to help fund the buyout of the company by an investor group led by BayPine LP in partnership with TSG Consumer Partners LP. Golden Gate Capital, Mavis’ current lead financial partner, will retain a minority interest in the company.

Closing is expected in the second quarter.

Mavis is a Millwood, N.Y.-based tire retailer and automotive aftermarket service provider.

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