Capital Automotive launches $1.1 billion term B at Libor plus 250 bps

By Sara Rosenberg

New York, Oct. 26 – Capital Automotive LP launched on Thursday its $1.1 billion term loan B (B1/B) due March 24, 2024 with price talk of Libor plus 250 basis points with a 1% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Barclays is the bookrunner on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 300 bps with a 1% Libor floor.

Cashless roll is available.

Commitments/consents are due at noon ET on Wednesday, the source added.

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

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