Published on 2/20/2015 in the Prospect News High Yield Daily.
New Issue: American Tire prices $50 million tap of 10¼% notes due 2022 at 103 to yield 9.484%
By Paul A. Harris
Portland, Ore., Feb. 20 – American Tire Distributors, Inc. priced a $50 million add-on to its 10¼% senior subordinated notes due March 1, 2022 (Caa1/CCC+/) at 103 to yield 9.484% on Friday, according to a syndicate source.
BofA Merrill Lynch was the bookrunner.
The issuer is a Huntersville, N.C.-based supplier of tires to the North American replacement tire market.
| Issuer: | ATD Finance Corp., to be assumed by American Tire Distributors, Inc.
|
| Face amount: | $50 million
|
| Proceeds: | $52 million
|
| Maturity: | March 1, 2022
|
| Security description: | Add-on to 10¼% senior subordinated notes due March 1, 2022
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 10¼%
|
| Price: | 103
|
| Yield: | 9.484%
|
| First call date: | March 1, 2018
|
| Trade date: | Feb. 20
|
| Settlement date: | Feb. 25 with accrued interest
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A for life
|
| Marketing: | Quick to market
|
| Original issue: | $805 million priced at par on Feb. 10, 2015
|
| Total issue size: | $855 million
|
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