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Constellation Automotive trims first-lien loan size, updates pricing
By Sara Rosenberg
New York, July 16 – Constellation Automotive Ltd. downsized its seven-year euro and pound sterling covenant-lite first-lien term loan B to £740 million equivalent from £785 million equivalent, and set the currency breakdown at €400 million and £400 million, according to a market source.
Pricing on the euro first-lien term loan firmed at Euribor plus 400 basis points, the low end of the Euribor plus 400 to 425 bps talk, and pricing on the pound sterling first-lien term loan finalized at SOFR plus 475 bps, the low end of the SOFR plus 475 bps to 500 bps talk, the source said.
Also, pricing on the company’s £325 million eight-year covenant-lite second-lien term loan was reduced to SOFR plus 750 bps from revised talk of SOFR plus 775 bps and initial talk of SOFR plus 800 bps.
As before, all of the term loans have a 0% floor, the euro first-lien term loan has an original issue discount of 99.5, the pound sterling first-lien term loan has a discount of 99 and the second-lien term loan has a discount of 99.
The first-lien term loan still has 101 soft call protection for six months, and the second-lien term loan still has call protection of 102 in year one and 101 in year two.
Barclays and HSBC are the joint physical bookrunners on the deal. Santander is a joint bookrunner. HSBC is the administrative agent.
Commitments were scheduled to be due at 7:30 a.m. ET on Friday, the source added.
Proceeds will be used with a senior secured notes offering to refinance and recapitalize the company. The notes were upsized to £695 million from £650 million with the first-lien term loan downsizing.
Constellation Automotive is an England-based digital used vehicle marketplace.
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