Thu 06/03/2021 11:37 AM
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UPDATE 2: 11:37 a.m. ET 6/3/2021: The amount of Motor Fuel Group’s fungible add-on was set at £65 million, sources told Reorg. The add-on was priced with a margin of SONIA+CAS+475 bps and a 99.75 OID.

UPDATE 1: Motor Fuel Group Prices Existing £700M TLB, Add-On at S+CAS+475 Bps; Prices Existing €787M Loan, €300M Non-Fungible Loan at E+375 Bps

UPDATE 1: 7:52 a.m. ET 6/3/2021: Motor Fuel Group has repriced its £700 million term loan B at SONIA+Credit Adjustment Spread+475 bps from LIBOR+450 bps previously, sources told Reorg. The company has repriced its €787 million loan at Euribor+375 bps from E+350 bps previously.

The company also priced a fungible add-on of about £70 million to its £700 million term loan B with a margin of S+CAS+475 bps with a 99.75 OID. The issuer priced a €300 million non-fungible term loan B with a margin of E+375 bps and a 99.75 OID.

Original Story 1:37 p.m. UTC on May 24, 2021

Motor Fuel Group Markets Repricing of £700M, €785M TLBs; Launches New €300M Non-Fungible TLB, Fungible Add-On of Up to £70M; Proceeds for Dividend Recap

U.K. forecourt operator motor fuel group is repricing its £700 million term loan B and its €785 million TLB, sources told Reorg.

For the £700 million term loan B, new margin guidance is SONIA+Credit Adjustment Spread+475 bps from LIBOR+450 bps previously. For the €785 million loan, new margin guidance is Euribor+375 bps from E+350 bps previously.

There is a 25 bps waiver fee on the existing facilities.

The company is also raising a fungible add-on of up to £70 million to the £700 million term loan B, with margin guidance of S+CAS+475 bps with a 99.75 OID. The issuer is also raising a €300 million non-fungible term loan B with margin guidance of E+375 bps and a 99.75 OID.

Proceeds will be used for dividend recap, as well as for refinancing and covering other fees and expenses.

The new facilities mature in June 2025 and have a 0% floor and six months of soft call protection at 101. The facilities are cov-lite.

Credit ratings have not yet been confirmed.

A lender call was held at 2:30 p.m. U.K. time. Commitments are due on June 2, 12 p.m. BST.

BNP, Deutsche Bank and RBC are joint global coordinators and physical bookrunners. BNP is also the agent.
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