France’s Autodis begins roadshow for €510 million 5.5-year notes

By Paul Deckelman

New York, Nov. 1 – Autodis SA is scheduled to open a short roadshow on Tuesday for its planned offering of €510 million of 5.5-year floating-rate and fixed-rate senior secured notes, European high yield sources said Tuesday.

The roadshow is scheduled to run through Friday, with pricing expected thereafter.

The Rule 144A and Regulation S offering will come to market via joint global coordinators and physical bookrunners BNP Paribas Securities Corp., which will handle billing and delivery, and J.P. Morgan Securities LLC.

Credit Suisse Securities and Deutsche Bank Securities Inc. will be joint bookrunners on the offering.

Tranche sizes are to be determined, but each will be at least €250 million.

The fixed-rate notes will have 1.5-years of call protection and then will be initially callable at par plus 50% of the coupon, then at par plus 25% of the coupon, and then finally at par.

The floating-rate notes will have one year of call protection, and then will be initially callable at 101, and then at par.

The notes will have a 101% change-of-control put provision and standard incurrence covenants.

The Paris-based distributor of aftermarket spare parts for light vehicles plans to use the expected new-deal proceeds to fund the redemption of all €270 million of the issuer’s existing 6.5% senior secured notes due 2019; to fund the redemption of €140 million of the existing 9%/9.75% senior pay-if-you-can notes due 2020 issued by Dakar Finance SA, the issuer’s indirect parent company; to repay in full the €80 million outstanding under and refinance its existing bridge facility; and to pay certain fees and expenses in connection with the foregoing transactions.

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