Parts Holding (Autodis) ups floaters to €380 million, tightens talk to Euribor plus 425-450 bps

By Paul A. Harris

Portland, Ore., July 7 – French auto parts supplier Parts Holding (Autodis) upsized its offering of six-year senior secured floating-rate notes (expected ratings B3/B-) to €380 million from €350 million on Wednesday, according to market sources.

Final talk has the notes coming at Euribor plus 425 basis points to 450 bps, with no Euribor floor, at par. Spread talk tightened from earlier guidance of 450 bps to 475 bps.

The Rule 144A and Regulation S notes could price as early as Wednesday, a source said.

Joint bookrunner BNP Paribas will bill and deliver. Barclays and Goldman Sachs are also joint bookrunners.

The notes come with one year of call protection.

The Arcueil, Ile-de-France, France-based company plans to use the proceeds to pay off its floating-rate notes due 2022 and its PGE emergency pandemic relief facility, as well as for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.