By Paul A. Harris
Portland, Ore., Nov. 12 Alliance Automotive Group priced 325 million of seven-year senior secured notes (expected ratings B2/B+) in two tranches on Wednesday, according to a market source.
The deal included a 225 million tranche of 6Ό% fixed-rate notes, which priced at 96.556 to yield 6 7/8%. The yield printed at the tight end of yield talk in the 7% area.
In addition the company priced 100 million of three-month Euribor plus 550 basis points floating-rate notes at 99.5, with a 1% Euribor floor. The spread came on top of spread talk.
Joint bookrunner Credit Suisse will bill and deliver. UBS and Royal Bank of Scotland were also joint bookrunners.
The issuing entity is 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.
| Issuer: | Alize Finco plc (Alliance Automotive Group
|
| Face amount: | 325 million
|
| Proceeds: | 317 million
|
| Maturity: | Dec. 1, 2021
|
| Securities: | Senior secured notes
|
| Bookrunners: | Credit Suisse (bill and deliver, joint books), UBS, Royal Bank of Scotland
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 19
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | 225 million
|
| Proceeds: | 217 million
|
| Coupon: | 6Ό%
|
| Price: | 96.556
|
| Yield: | 6 7/8%
|
| Spread: | 655 bps
|
| First call: | Dec. 1, 2017 at 103.125
|
| Price talk: | 7% area
|
|
|
| Floating-rate notes
|
| Amount: | 100 million
|
| Coupon: | Three-month Euribor plus 550 bps, including a 1% Euribor floor
|
| Price: | 99.5
|
| First call: | Nov. 15, 2019 at 101
|
| Price talk: | Euribor plus 550 bps, including a 1% Euribor floor
|
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