New Issue: Germany's ATU €150 million 10-year notes yield Euribor plus 725 bps

By Paul A. Harris

St. Louis, Sept. 24 - German auto parts retailer ATU REI (Auto-Teile-Unger) sold €150 million of 10-year senior floating-rate notes (B3/B-) at par on Friday to yield three-month Euribor plus 725 basis points, according to an informed source.

Price talk was three-month Euribor plus 725 to 750 basis points.

Morgan Stanley and HVB ran the books for the Rule 144A/Regulation S issue, which has no registration rights.

Proceeds will be used to help fund Kravis Roberts & Co.'s secondary buyout of the company.

Issuer:	ATU REI (Auto-Teile-Unger)
Amount:	€150 million
Maturity:	Oct. 1, 2014
Security description:	Senior floating-rate notes
Bookrunners:	Morgan Stanley, HVB
Coupon:	Three-month Euribor plus 725 basis points
Price:	Par
Yield:	Three-month Euribor plus 725 basis points
Call features:	Callable after Oct. 1, 2006 at 102, 101, par on and after Oct. 1, 2008
Equity clawback:	Until Oct. 1, 2005 for up to 40% at par plus the applicable coupon
Pricing date:	Sept. 24
Settlement date:	Oct. 1
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	Three-month Euribor plus 725-750 basis points

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