DriveTime expected to bring $160 million six-year senior notes offer

By Paul A. Harris

St. Louis, July 20 - DriveTime Automotive Group Inc. is expected to come to the high-yield market with a $160 million offering of six-year senior notes, according to a market source, who added that Bear Stearns & Co. and UBS Investment Bank have been involved in the past with the company's financings.

On Friday Moody's Investor Services assigned its B2 rating to the notes, while Standard & Poor's rated the notes at B.

Proceeds will be used to replace the company's existing senior unsecured notes due 2010.

The Phoenix, Ariz., company sells and finances used cars in the subprime niche.

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