Parts Authority gets $100 million privately placed term loan

By Sara Rosenberg

New York, April 13 – Parts Authority (PAI Holdco Inc.) closed on Wednesday on a privately placed fungible $100 million incremental covenant-lite first-lien term loan (B1/B), according to a market source.

Golub Capital acted as the lead arranger on the deal.

Proceeds were used to repay ABL borrowings.

Pro forma for the transaction, the first-lien term loan totals about $845 million.

Parts Authority is a Lake Success, N.Y.-based automotive aftermarket replacement parts distribution platform.

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