By Paul A. Harris
Portland, Ore., May 6 – Alliance Automotive Group (B1/B+) priced an upsized €65 million add-on to its 6¼% senior secured notes due Dec. 1, 2021 at 103.5 on Wednesday, according to a market source.
The deal was upsized from €50 million.
The reoffer price came on top of price talk.
Credit Suisse was the left bookrunner. UBS and Royal Bank of Scotland were the joint bookrunners.
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.
| Issuer: | Alliance Automotive Group
|
| Amount: | €65 million, increased from €50 million
|
| Maturity: | Dec. 1, 2021
|
| Security description: | Add-on to 6¼% senior secured notes due Dec. 1, 2021
|
| Left bookrunner: | Credit Suisse
|
| Joint bookrunners: | UBS, Royal Bank of Scotland
|
| Coupon: | 6¼%
|
| Price: | 103.5
|
| First call: | Dec. 1, 2017 at 103.125
|
| Trade date: | May 6
|
| Settlement date: | May 13
|
| Corporate credit ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 103.5
|
| Marketing: | Roadshow
|
| Original issue: | €225 million issue priced at 96.556 to yield 6 7/8% on Nov. 12, 2014
|
| Total issue size: €290 million
|
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