Alliance Auto talks upsized €65 million tap of 6¼% notes at 103.5

By Paul A. Harris

Portland, Ore., May 6 – Alliance Automotive Group (B1/B+) upsized a proposed add-on to its 6¼% senior secured notes due Dec. 1, 2021 to €65 million from €50 million and talked the deal to price Wednesday at 103.5.

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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