Constellation Automotive plans to launch £1.11 billion equivalent term loans on Friday

By Sara Rosenberg

New York, July 8 – Constellation Automotive Ltd. is scheduled to hold a lender call at 5 a.m. ET on Friday to launch £1.11 billion equivalent of term loans, according to a market source.

Barclays and HSBC are the joint physical bookrunners on the deal. Santander is a joint bookrunner. HSBC is the administrative agent.

The debt consists of a £785 million equivalent pound sterling and euro seven-year covenant-lite first-lien term loan B and a £325 million eight-year covenant-lite second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Expected first-lien ratings are B2/B- and expected second-lien ratings are Caa2/CCC.

Commitments are due at 7 a.m. ET on July 16, the source added.

Proceeds will be used with a senior secured notes offering to refinance and recapitalize the company.

Constellation Automotive is an England-based digital used vehicle marketplace.

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