BCA drives term loan ‘C’ up before allocation

By Olivier Holmey
29 Jul 2013

British Car Auctions, the UK used car retailer owned by private equity firm Clayton Dubilier & Rice, is set to allocate its new loan package early this week. The deal, syndication of which closed oversubscribed last Thursday, has been rejigged slightly to reflect investor demand in the term loan ‘C’ tranche.

The revised debt will contain two term loans, denominated in euros and sterling. The first, a term loan ‘A’ worth £28m-equivalent, down from a planned £46m, is priced at 425bp over Euribor/Libor. It will mature in February 2019. 

The second, a term loan ‘C’ worth £242m-equivalent, up from a ...

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