Home / Automotive / RLPC-DRA Advisors to sell Capital Automotive to Brookfield for $4.3 bln

RLPC-DRA Advisors to sell Capital Automotive to Brookfield for $4.3 bln


NEW YORK Aug 28 (Reuters) – Real estate investment organisation DRA
Advisors LLC has concluded to sell automobile banker Capital
Automotive LP to Brookfield Property Partners for $4.283
billion, sources informed with a matter pronounced on Thursday.

The squeeze cost includes a arrogance of all existing
debt, as good as debt comforts of $400 million to account the
transaction, a sources said.

Capital Automotive will launch a new debt comforts after
the Labor Day holiday on Sep 1, and will also seek
approval from existent lenders to concede a change of control,
sources said.

DRA Advisors and Capital Automotive could not immediately be
reached for comment. Brookfield Property Partners declined to
comment.

Capital Automotive intends to emanate $300 million of
asset-backed bonds (ABS) and $100 million of new loans
under a second-lien credit facility.

Barclays is a executive representative of Capital Automotive’s
existing credit facility, that includes a $1.5 billion,
six-year tenure loan B and a $325 million, seven-year second-lien
term loan.

Capital Automotive expects to tighten a merger in the
fourth entertain of 2014.

Capital Automotive is formed in McLean, Virginia, and
provides genuine estate financial for automotive dealers to acquire
new locations and ascent facilities.

The association was bought by DRA Advisors in 2005 in a deal
valued during $3.4 billion, according to Thomson Reuters LPC data.

(Editing by Tessa Walsh)

Article source: http://www.reuters.com/article/2014/08/28/capital-automotive-loans-idUSL3N0QY4YM20140828

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