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France’s Alliance Automotive plans €50 million tap of 6¼% secured notes due 2021
By Paul A. Harris
Portland, Ore., May 5 – Alliance Automotive Group plans to sell an additional €50 million of its 6¼% senior secured notes due Dec. 1, 2021, according to a market source.
The deal was announced on Tuesday.
Credit Suisse is the left bookrunner. UBS and Royal Bank of Scotland are the joint bookrunners.
The notes become callable after Dec. 1, 2017 at 103.125.
The Greny, France-based automotive parts supplier and repair services provider plans to use the proceeds for general corporate purposes, including future acquisitions, and to repay bank debt.
The original €225 million issue priced at 96.556 to yield 6 7/8% on Nov. 12, 2014.
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