By Paul A. Harris
St. Louis, Oct. 7 - Germany's A.T.U. Auto-Teile-Unger Handels GmbH & Co. KG priced a restructured €450 million two-part issuance of non-callable senior unsecured notes due April 15, 2014 (B3/B-/) on Thursday, according to an informed source.
The company priced €375 million of 11% fixed-rate notes at 98.539 to yield 11.501%.
The yield priced slightly beyond the wide end of the 11¼% to 11½% price talk, which had been increased from previous talk of 10½% to 11%.
Meanwhile, in a tranche which surfaced in the restructuring of the deal, A.T.U. priced €75 million of six-month Euribor plus 975 basis points notes at 99.00.
The coupon printed on the tight end of the six-month Euribor plus 975 bps to 1,000 bps price talk.
Goldman Sachs & Co. and Morgan Stanley managed the sale.
The car and truck repair service franchisee plans to use the proceeds to repay debt.
| Issuer: | A.T.U. Auto-Teile-Unger Handels GmbH & Co. KG
|
| Amount: | €450 million
|
| Maturity: | April 15, 2014
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley
|
| Call protection: | Non-callable
|
| Trade date: | Oct. 7
|
| Settlement date: | Oct. 8
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Face amount: | €375 million
|
| Proceeds: | €369,521,000 (approximate)
|
| Coupon: | 11%
|
| Price: | 98.539
|
| Yield: | 11.501%
|
| Spread: | 1,030 bps
|
| Price talk: | 11¼% to 11½% (increased from 10½% to 11%)
|
|
|
| Floating-rate notes
|
| Face amount: | €75 million
|
| Proceeds: | €74.25 million
|
| Coupon: | Six-month Euribor plus 975 bps
|
| Price: | 99.00
|
| Price talk: | Six-month Euribor plus 975 bps to 1,000 bps
|
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