Capital Automotive launches $1.7 billion loan at Libor plus 350 bps

By Sara Rosenberg

New York, Feb. 17 - Capital Automotive launched its $1.7 billion senior secured credit facility (Ba3) on Thursday with price talk of Libor plus 350 basis points with a 1.5% Libor floor, according to a market source.

The facility consists of a $200 million five-year revolver and a $1.5 billion six-year term loan B.

The revolver is being offered with a 100 bps upfront fee, and the term loan has an original issue discount of 99, the source said.

Barclays Capital Inc. is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

Capital Automotive is a McLean, Va.-based provider of sale-leaseback capital to the automotive retail industry.

© 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.