Autodis talks €280 million tap of 6½% notes due 2025 at 100.5-101

By Paul A. Harris

Portland, Ore., Oct. 20 – Autodis set price talk for a €280 million add-on to the Parts Europe SA 6½% notes due 2025 (expected ratings Caa1/B-) at 100.5 to 101, according to market sources.

The deal is set to price on Tuesday.

BNP Paribas, SG, Citigroup, Credit Suisse, Goldman Sachs and JPMorgan are the stabilization managers.

The original €300 million, which priced in July 2020, came with 1.5 years of call protection.

The Paris-based automotive parts supplier plans to use the proceeds to refinance €175 million of its Euribor plus 550 basis points floating-rate notes due 2022 and partially refinancing €260 million of its Euribor plus 437.5 bps floating-rate notes due 2022.

Upon settlement, the add-on notes are set to immediately become fungible with the original notes.

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