A.T.U Auto-Teile Unger Handels restructures €450 million 3.5-year note offering, sets price talk

By Paul A. Harris

St. Louis, Oct. 6 - Germany's A.T.U Auto-Teile-Unger Handels GmbH & Co. KG surfaced with a new structure and revised price talk for its €450 million offering of 3.5-year non-callable senior unsecured notes (B3/B-) on Wednesday, according to market sources.

The new deal structure includes €375 million of fixed-rate notes, which come with price talk of 11¼% to 11½%. That talk is increased from earlier talk of 10½% to 11%.

In addition the car and truck repair service franchisee plans to issue €75 million of floating-rate notes. The floaters are talked with a 975 basis points to 1,000 bps spread to six-month Euribor. The floating-rate tranche came in a restructuring of the deal.

Pricing is set for Thursday.

Goldman Sachs & Co. and Morgan Stanley are managing the sale of notes, which are formatted according to Rule 144A and Regulation S, with no registration rights.

Proceeds will be used to refinance debt.

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