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American Tire to redeem 11½% notes due 2018 with new bond proceeds
New York, Feb. 3 – American Tire Distributors, Inc. said it will redeem all of its 11½% senior subordinated notes due 2018 using the expected $805 million proceeds from an offering of new senior subordinated notes due 2022.
Proceeds will also be used to pay a cash dividend to its parent company, American Tire Distributors Holdings, Inc., which will allow the parent to make a dividend or other payment to some of its securityholders.
American Tire is a Charlotte, N.C.-based supplier of tires to the replacement market.
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