Crash Champions launches $650 million term loan at SOFR plus 500 bps

By Sara Rosenberg

New York, Jan. 24 – Crash Champions (Champions Financing Inc.) launched on Wednesday its $650 million five-year senior secured term loan B (B3/B-) with price talk of SOFR plus 500 basis points with a 0% floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has 101 soft call protection for six months.

BofA Securities Inc., BMO Capital Markets, JPMorgan Chase Bank, Deutsche Bank Securities Inc. and Truist Securities are the arrangers on the deal.

Commitments are due at noon ET on Feb. 6, the source added.

Proceeds will be used with $650 million of senior secured notes and new PIK preferred equity to refinance existing Service King and Crash Champions debt.

Crash Champions is a collision repair platform and a multiple shop operator.

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