DriveTime starts roadshow for $200 million seven-year secured notes

By Paul A. Harris

St. Louis, May 19 - DriveTime Automotive Group, Inc. began a roadshow on Wednesday for its $200 million offering of seven-year senior secured notes (B3/B), according to an informed source.

The roadshow wraps up on May 27.

Jefferies & Co., RBS Securities Inc. and UBS Investment Bank are the joint bookrunners.

Stephens Investment Bankers, Robert W. Baird & Co. and JMP Securities are the co-managers.

The Rule 144A with registration rights notes come with four years of call protection.

Proceeds will be used to repay debt.

DriveTime is a Phoenix-based used vehicle retailer. It focuses solely on sales and financing services to the subprime market.

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