Keyloop (FKA CDK International) wraps €60M term loan add-on

Keyloop, the Francisco Partners-backed car dealership management systems provider formerly known as CDK International, has wrapped a €60 million add-on to its E+400 term loan due March 2028 that is priced at par. J.P. Morgan led the add-on as sole arranger and agent.

Proceeds of the deal — together with sponsor equity — support the acquisition of a dealer management systems provider. Ratings are B-/B3 (issuer) and B-/B2 (issue) with a 3 recovery rating. Concorde Lux is the issuer.

Keyloop's loan dates from a €585 million term loan that allocated in February 2021 to support the firm's carve-out from CDK Global. A £125 million second-lien loan also backed the buyout.

Keyloop is headquartered in the U.K. and provides dealer-management systems and integrated information technology services to the automotive retailing industry in Europe, the Middle East and Africa, and Asia.