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Autodis talks €300 million five-year secured notes at 6½%-6 5/8%; pricing Wednesday
By Paul A. Harris
Portland, Ore., July 8 – Paris-based automotive parts supplier Autodis talked its €300 million offering of five-year senior secured notes (Caa1/B-) to yield 6½% to 6 5/8%, according to market sources.
Price talk came inside of initial guidance in the 6¾% area, a source said.
The Rule 144A and Regulation S deal is expected to price on Wednesday.
Joint global coordinator Citigroup will bill and deliver. BNP Paribas and SG CIB are also joint global coordinators.
Credit Suisse, Goldman Sachs, JPMorgan and Morgan Stanley are joint bookrunners.
The notes become callable in 1.5 years at par plus 50% of the coupon.
The issuing entity will be Parts Europe SA.
Proceeds will be used to pay off the company's senior secured fixed-rate notes and to partially redeem the 2019 senior secured floating-rate notes.
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