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Motor Fuel prices €20 million, £129.3 million add-on term loans
By Sara Rosenberg
New York, March 28 – Motor Fuel Group (CD&R Firefly Bidco Ltd.) priced a €20 million add-on term loan B-4 due June 2028 with an original issue discount of 97.5 and a £129.3 million added term loan B-5 due June 2028 with a discount of 96.5, according to a market source.
Pricing on the euro term loan is Euribor plus 475 basis points with a 0% floor, and pricing on the sterling term loan is SOFR plus 600 bps with a 0% floor.
BNP Paribas Securities Corp. and Goldman Sachs are the active bookrunners on the deal. BofA Securities Inc., Barclays, Citigroup, Deutsche Bank, HSBC, ING, NatWest, Rabobank, RBC, RBS, SMBC, Santander and Societe Generale are passive bookrunners. BNP Paribas is the agent.
Allocations went out on Tuesday and the debt freed to trade during the session, the source added.
Proceeds from the sterling term loan will be used to amend and extend a £162 million stub term loan B due June 2025 priced at SOFR plus 425 bps, and the euro term loan will be used for general corporate purposes and to add cash to the balance sheet.
Pro forma for the transaction, the euro term loan totals €1.17 billion and the sterling term loan totals £732.3 million.
Motor Fuel Group is a U.K.-based petrol station and convenience retail operator.
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