14 Dec, 2021

BBB Industries completes $115M add-on term loan at talk; terms

BBB Industries LLC has completed a $115 million fungible add-on to its covenant-lite term loan B due August 2025 (L+450, 0% Libor floor) at an issue price of 99.27 in a UBS-led transaction, according to sources. The add-on priced at talk with a $15 million upsizing. Proceeds from the deal will be used for acquisitions and investment as well as for general corporate purposes. Genstar Capital-backed BBB Industries remanufactures and distributes nondiscretionary and application-specific replacement parts for the North American and European automotive aftermarkets.

Terms:

Borrower BBB Industries LLC (GC EOS Buyer Inc.)
Issue $115 million fungible add-on term loan B
UoP M&A, GCP
Spread L+450
Libor floor 0.00%
Price 99.27
Tenor August 2025
YTM 5.01%
Four-year yield --
Call protection N/A
Corporate ratings B-/B3
Facility ratings B-/B3
Recovery ratings 4
Financial covenants None
Arrangers UBS
Admin agent UBS
Px Talk L+450/0%/99.27
Sponsor Genstar Capital
Notes Upsized by $15 million.