Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers D > Headlines for DriveTime Automotive Group Inc. > News item |
DriveTime Automotive talks $150 million eight-year notes at 10¾%-11%; pricing Thursday
By Paul A. Harris
St. Louis, Sept. 21 - DriveTime Automotive Group/DT Acceptance Corp. talked its $150 million offering of eight-year senior notes at 10¾% to 11% on Wednesday, according to a syndicate source.
Pricing is expected Thursday afternoon.
UBS Investment Bank and Bear Stearns & Co. are joint bookrunners for the Rule 144A offering. The Royal Bank of Scotland is the co-manager.
The notes, which come with four years of call protection, are rated B2 by Moody's Investors Service and B- by Standard & Poor's.
Proceeds will be used to repay debt and for general corporate purposes.
DriveTime is the largest U.S. chain of automobile dealerships that sell and finance used vehicles to sub prime customers. The company has headquarters in Phoenix.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.