Crash Champions lifts term loan to $750 million, trims pricing

By Sara Rosenberg

New York, Feb. 6 – Crash Champions (Champions Financing Inc.) upsized its five-year senior secured term loan B (B3/B-) to $750 million from $650 million and reduced pricing to SOFR plus 475 basis points from SOFR plus 500 bps, according to a market source.

In addition, the original issue discount on the term loan was set at 99, the tight end of revised talk of 98.5 to 99 and tighter than initial talk in the range of 98 to 98.5, the source said.

The term loan still has a 0% floor and 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.

Recommitments were scheduled to be due at 2:15 p.m. ET on Tuesday, the source added.

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

The funds from the term loan upsizing reduced the size of the notes and equity components.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.