Parts Holding lifts term loan to €960 million, revises price talk

By Sara Rosenberg

New York, Jan. 22 – Parts Holding Europe upsized its seven-year term loan B to €960 million from €580 million and changed price talk to a range of Euribor plus 375 basis points to 400 bps from revised talk of Euribor plus 400 bps and initial talk in the range of Euribor plus 400 bps to 425 bps talk, according to a market source.

Also, some modifications were made to documentation, the source said.

The term loan still has a 0% floor, a par issue price and 101 soft call protection for six months.

Earlier in syndication, the issue price on the term loan was tightened from 99.5.

BNP Paribas, Citigroup Global Markets Inc. and Goldman Sachs are the physical bookrunners on the deal. U.S. Bank is the administrative agent.

Commitments were scheduled to be due at 11 a.m. ET on Monday, the source added.

Proceeds will be used to refinance the company’s existing senior secured notes due 2025 and, due to the upsize, to refinance senior secured floating-rate notes due 2027.

Parts Holding, owned by D'Ieteren Group, is a pan Western European omnichannel distributor of automotive spare parts serving the B2B, online B2C and DIY independent aftermarket.

© 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.