By Paul A. Harris
Portland, Ore., Oct. 20 – Autodis priced a €280 million add-on to the Parts Europe SA 6½% notes due July 16, 2025 (expected ratings Caa1/B-) at 101 to yield 6.249% on Tuesday, according to a market source.
The issue price came at the rich end of the 100.5 to 101 price talk.
Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver. SG is also a global coordinator. Joint bookrunners were Citigroup, Credit Suisse, Goldman Sachs and JPMorgan.
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 refinance €260 million of its Euribor plus 437.5 bps floating-rate notes due 2022.
| Issuer: | Parts Europe SA
|
| Amount: | €280 million
|
| Maturity: | July 16, 2025
|
| Security description: | Add-on to 6½% senior secured notes due July 16, 2025
|
| Left lead bookrunner: | BNP Paribas (bill and deliver)
|
| Global coordinators: | BNP and SG
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| Joint bookrunners: | Citigroup, Credit Suisse, Goldman Sachs and JPMorgan
|
| Coupon: | 6½%
|
| Price: | 101
|
| Yield to maturity: | 6.249%
|
| Spread: | 708 bps
|
| First call: | Jan. 15, 2022 at 103.25
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 29 with accrued interest
|
| Expected ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 100.5 to 101
|
| Original issue: | €300 million priced in July 2020
|
| Fungibility: | Upon settlement add-on notes will become fungible with original notes
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