By Paul Deckelman
New York, Nov. 4 – Autodis SA priced €520 million of senior secured notes due 2022 (B2/B), high-yield syndicate sources said Friday, split into a pair of equally sized €260 million tranches of fixed- and floating-rate notes.
The fixed-rate tranche priced at par with a 4 3/8% coupon.
The floating-rate tranche also priced at par with a coupon of Euribor plus 437.5 basis points.
The Rule 144A and Regulation S offering came 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. are also joint bookrunners on the offering.
The company announced the deal on Tuesday and then marketed it to potential investors via a roadshow that began Tuesday and ran through Friday.
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 6½% senior secured notes due 2019; to fund the redemption of €140 million of the existing 9% / 9¾% senior HoldCo 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 to refinance its existing bridge facility; and to pay fees and expenses in connection with the foregoing transactions.
| Issuer: | Autodis SA
|
| Amount: | €520 million
|
| Security description: | Senior secured notes
|
| Maturity: | 2022
|
| Global coordinators: | BNP Paribas Securities Corp. (bill and deliver), J.P. Morgan Securities LLC
|
| Joint bookrunners: | Credit Suisse Securities, Deutsche Bank Securities Inc.
|
| Co-manager: | Oddo & Cie
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Trade date: | Nov. 3
|
| Settlement date: | Nov. 14
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate tranche
|
| Amount: | €260 million
|
| Coupon: | 4 3/8%
|
| Price: | Par
|
| Yield: | 4 3/8%
|
| Spread: | 477.1 bps (DBR 2% due January 2022)
|
| Call protection: | Non-callable for first 1.5 years of issue (other than via a make-whole call at Bunds plus 50 bps and/or 10% at 103% prior to May 1, 2018, then callable on or after May 1, 2018 at 102.188%, callable on or after Nov. 1, 2019 at 101.094% and finally callable on or after Nov. 1, 2020 at par
|
| Change-of-control put: | 101%
|
|
|
| Floating-rate tranche
|
| Amount: | €260 million
|
| Coupon: | Euribor plus 437.5 bps
|
| Price: | Par
|
| Yield: | Euribor plus 437.5 bps
|
| Euribor floor: | 0%
|
| Call protection: | Non-callable for first year after issue (other than via make-whole call at Bunds plus 50 bps prior to Nov. 1, 2017); then callable on or after Nov. 1, 2017 at 101, finally callable on or after Nov. 1, 2018 at par
|
| Change-of-control put: | 101%
|
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