Merchants Fleet gets $700 million credit facilities for buyout

By Sara Rosenberg

New York, Jan. 5 – Merchants Fleet recently completed $700 million of credit facilities, consisting of a $100 million revolver and a $600 million six-year covenant-lite term loan B, according to a market source.

BNP Paribas Securities Inc., BMO Capital Markets, MUFG, Citizens and TD Securities (USA) LLC led the deal.

Pricing on the term loan is SOFR+10 basis points CSA plus 625 bps with a 1% floor, the source said.

The term loan has hard call protection of 102 in year one and 101 in year two.

Proceeds were used to help fund the buyout of the company by Bain Capital and Abu Dhabi Investment Authority.

Merchants Fleet is a Hooksett, N.H.-based provider of fleet management services.

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