Rhiag sidelines €350 million bond offering following Apax's acquisition of the company

By Paul A. Harris

Portland, Ore., Oct. 9 - Italy's Rhiag Group stopped the roadshow for its €350 million two-part offering of seven-year notes on Wednesday after private equity group Apax Partners agreed to buy the company, according to a London-based sellside source.

Apax entered into a definitive agreement for Apax Funds to acquire Rhiag.

The deal could resurface as early as next week, but the leverage picture will likely change, and the debt offer will thus be impacted, the sellsider said.

Rhiag was in the market with a €195 million tranche of senior secured notes and a €155 million tranche of PIK-toggle notes.

Prior to Wednesday's announcement, the deal, via Goldman Sachs, JPMorgan and Mediobanca, had been expected to price by the end of this week.

Proceeds from the secured notes were earmarked to repay debt. Proceeds from the PIK notes were to be used to fund a dividend.

Rhiag is a Milan, Italy-based distributor of aftermarket auto parts.

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