Alliance Automotive sets roadshow for €325 million two-part offering of seven-year notes

By Paul A. Harris

Portland, Ore., Nov. 6 – Alliance Automotive Group plans to start a European roadshow on Friday for a €325 million two-part offering of seven-year senior secured notes (expected ratings B2/B+), according to a market source.

The roadshow wraps up on Nov. 12, and the deal is set to price thereafter.

The Rule 144A and Regulation S deal is coming in tranches of fixed-rate notes, which come with three years of call protection, and floating-rate notes, which come with one year of call protection and feature a 1% Euribor floor.

Joint bookrunner Credit Suisse will bill and deliver. UBS and Royal Bank of Scotland are also joint bookrunners.

The notes in both tranches feature 101% poison puts.

The issuing entity will be special purpose vehicle Alize Finco plc.

Proceeds will be used to fund the acquisition of the Greny, France-based automotive parts supplier and repair services provider by funds advised by Blackstone and Founding Shareholders.

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