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Motor Fuel firms €1.09 billion term loan at Euribor plus 475 bps
By Sara Rosenberg
New York, March 15 – Motor Fuel Group (CD&R Firefly Bidco Ltd.) set pricing on its €1.087 billion term loan B due June 2028 at Euribor plus 475 basis points, the low end of the Euribor plus 475 bps to 500 bps talk, according to a market source.
Also, the original issue discount talk on the euro term loan was changed to a range of 97 to 97.5 from a range of 97 to 98, the source said.
The euro term loan still has a 0% floor.
As for the company’s minimum £600 million term loan B due June 2028, original issue discount talk was revised to a range of 96 to 96.5 from a range of 95.5 to 96.5, the source continued.
The sterling term loan is still priced at SOFR plus 600 bps with a 0% floor.
Both term loans (B2/B) have 101 soft call protection for six months.
BNP Paribas Securities Corp. and Goldman Sachs are the active bookrunners on the deal. BofA Securities Inc., Barclays, Citigroup, Deutsche Bank, HSBC, ING, Natwest, RBC, Societe Generale, SMBC and Rabobank are passive bookrunners. BNP Paribas is the agent.
Commitments were scheduled to be due at 8 a.m. ET on Wednesday, the source added.
Proceeds will be used to amend and extend a £765 million term loan B due June 2025 priced at SOFR plus 425 bps and a £967 million equivalent euro term loan B due June 2025 priced at Euribor plus 325 bps.
Motor Fuel Group is a U.K.-based petrol station and convenience retail operator.
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