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Crestview-Backed AutoLenders Cinches Deal to Extend Term Loan Maturity After Failed Private Credit Refi

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Crestview Partners-backed car leasing, dealership and online automotive sales and purchasing company AutoLenders secured an agreement with lenders to extend the maturity of its $215 million SOFR+675 bps first lien term loan B by two years to 2028, according to sources.

A consortium of lenders, led by Clearlake Credit and BlackRock, reached a deal with the company that will feature an initial $45 million paydown on the roughly $135 million of the loan outstanding while maintaining the same interest rate, the sources said. The remainder of the loan sits behind approximately $1.7 billion of securitized debt.

The initial $45 million paydown was driven by cash on the balance sheet, while an expected second paydown of $40 million that is projected sometime within the next six months will be funded by cash generation, according to sources. A $5 million revolver was also taken out in the initial paydown.

The transaction was backed by 100% of lenders and features equal treatment across the board, the sources said. The loan was originally due April 15, and an initial effort during late 2025 to refinance the debt via private credit failed due to investor concerns in the wake of Tricolor and First Brands filing for chapter 11 bankruptcy protection.

AutoLenders had been suffering losses related to the resale value of certain used car models, which the company owned post lease, being lower than expected, the sources said. The company was advised by Paul Weiss and Baird during the process, while lenders were working with Sidley Austin as counsel, they added.

The company’s first lien loan is currently indicated at 92/93, according to Solve. Existing holders to AutoLenders can be found on Octus’ CLO Database.

AutoLenders, as well as the advisors involved, did not respond to requests for comment. Crestview Partners declined to comment.

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