American Auto Auction lifts term loan amount to $175 million

By Sara Rosenberg

New York, March 27 – American Auto Auction Group LLC upsized its fungible incremental first-lien term loan due Dec. 30, 2027 to $175 million from $100 million, according to a market source.

Pricing on the term loan is SOFR+CSA plus 500 basis points with a 0.75% floor, in line with existing term loan pricing, and the original issue discount on the incremental term loan is 99.28.

CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.

Jefferies LLC, BMO Capital Markets and BofA Securities Inc. are the bookrunners on the deal.

Commitments continued to be due at noon ET on Wednesday, the source added.

Proceeds will be used to refinance existing debt, to fund tuck-in acquisitions and, due to the upsizing, to add cash to the balance sheet for general corporate purposes, including future merger and acquisition activity, if any.

American Auto Auction is a used car auction market company.

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