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American Auto Auction launches $100 million term loan at 99.28 OID
By Sara Rosenberg
New York, March 21 – American Auto Auction Group LLC was scheduled to hold a lender call at 3 p.m. ET on Thursday to launch a fungible $100 million incremental first-lien term loan due Dec. 30, 2027 that is talked with an original issue discount of 99.28, according to a market source.
Pricing on the term loan is SOFR+CSA plus 500 basis points with a 0.75% floor, in line with existing term loan pricing.
CSA is 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
Jefferies LLC and BMO Capital Markets are the arrangers on the deal.
Commitments are due at noon ET on March 27, the source added.
Proceeds will be used to refinance existing debt and fund tuck-in acquisitions.
American Auto Auction is a used car auction market company.
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