THE WOODLANDS, Texas, Nov. 15, 2011 /PRNewswire/ -- FleetPride Corporation ("FleetPride") announced that it is undertaking to arrange a new senior secured credit facility (the "New Credit Facility"). It is contemplated that the New Credit Facility will be in the aggregate amount of up to $430 million, to consist of: (i) a new five-year, up to $60.0 million revolving credit facility and (ii) a new six-year, $370.0 million term loan.
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The proceeds of the New Credit Facility, if entered into, are contemplated to be used to (i) refinance all outstanding indebtedness under FleetPride's existing senior secured credit facilities, (ii) call for redemption all of the outstanding 11 1/2% Senior Notes due 2014 of FleetPride, which are currently callable at a 102.875% of the principal amount thereof plus accrued and unpaid interest as of the redemption date, (iii) call for redemption all of the outstanding Senior Discount Notes due 2015 of FPC Holdings, Inc. ("FPC Holdings"), which are currently callable at a 103.000% of the accreted value thereof plus accrued and unpaid interest as of the redemption date, and (iv) pay fees and expenses related thereto and for general corporate purposes.
It is contemplated that the New Credit Facility will close and the refinancings will take place in the fourth quarter of 2011.
This press release includes "forward looking statements" within the meaning of U.S. federal securities laws. The closing of the New Credit Facility and the refinancings, including the contemplated calls for redemption of certain debt securities of FleetPride and FPC Holdings described above, are subject to a number of considerations, including the negotiation of the definitive terms of and documentation relating to such facilities, syndication of such facilities, conditions in the credit markets generally as well as the company's ongoing consideration of its business plan and financing options, and such closing and refinancings (including the redemptions), may not occur. Further, even if consummated, there can be no assurance that the New Credit Facility or refinancing transactions will be completed on the terms or within the timeframe contemplated herein. The debt securities of FleetPride and FPC Holdings referenced above have not been called for redemption, and there can be no assurance that such securities will be so called for redemption. Any redemption will only be made following the issuance of notices of redemption in accordance with the terms of the indenture relating to the relevant series of debt securities.
About FleetPride, Inc.
FleetPride, Inc. (www.fleetpride.com) — America's premier nationwide supplier of heavy-duty truck and trailer parts — operates over 220 locations in 40 states and carries a full line of nationally-recognized, brand-name parts, as well as an assortment of exclusive-brand parts. In addition, FleetPride offers in-house remanufactured products such as brake shoes and driveline components. Truck and trailer repair services are also offered at a number of locations.
SOURCE FleetPride, Inc.
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