Capital Automotive sets Thursday call for $100 million second-lien loan

By Paul A. Harris

Portland, Ore., Sept. 2 - Capital Automotive LP set a lender call at 11 a.m. ET on Thursday for a $100 million incremental second-lien term loan (B1/B-), according to a market source.

Barclays is the joint lead arranger and joint bookrunner.

Proceeds will be used to help fund the acquisition of the company by Brookfield Property Partners from DRA Advisors LLC.

Other funds for the acquisition will come from $300 million of ABS debt, the source said.

In connection with the transaction, Capital Automotive will seek an amendment to its existing Barclays-led credit facility to allow for the change of control, the source added.

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

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