Affinia, TravelCenters Break Into Market
Several deals backing acquisitions and a refinancing broke last week. Affinia Group's $400 million "B" loan allocated and traded in the 101 5/8-101 7/8 range, while TravelCenters of America's $475 million "C" traded around 101-101 1/4. Roper Industries' $400 million revolver and $655 million "A" loan also traded pro rata around par, while the "A" piece traded higher at 100 1/4-100 5/8. Stratos Global Corp.'s $125 million "B" tranche traded at 100 7/8-101 1/8.
Credit Suisse First Boston, Deutsche Bank, Goldman Sachs and J.P. Morgan lead the Affinia deal that backed the $1 billion acquisition of Dana Corp.'s automotive aftermarket business by private equity firm The Cypress Group. The credit also comprises a $125 million revolver. Affinia's revolver and term loan are priced at LIBOR plus 3% (LMW, 11/8).
TravelCenters "C" loan is priced at LIBOR plus 4 3/4%. The credit also includes a $100 million revolver priced at LIBOR plus 2 1/4%. The $575 million deal financed TravelCenters' acquisition of 11 travel centers from Trip Griffin Truck Service (11/1). J.P. Morgan and Lehman Brothers lead the bank deal.
Roper is led by J.P. Morgan and Wachovia Securities and backs the $600 million acquisition of TransCore Holdings. Both revolver and the "A" loan are priced at LIBOR plus 1 1/4%. Satellite based communications service provider Stratos' loan is part of a $150 million refinancing. The credit also has a $25 million revolver and is led by Royal Bank of Canada and Bank of America.