Autodis markets €175 million Euribor plus 437.5 bps four-year floater; initial talk 99.25-99.5

By Paul A. Harris

Portland, Ore., July 2 – Autodis SA started a roadshow on Monday for a €175 million offering of Euribor plus 437.5 basis points senior secured floating-rate notes due May 2022 (expected ratings B2/B), according to a market source.

Initial price talk is 99.25 to 99.5.

The roadshow wraps up on Wednesday, and the Rule 144A and Regulation S offering is set to price thereafter.

Left lead bookrunner BNP Paribas will bill and deliver. Citigroup, Goldman Sachs and JPMorgan are the joint bookrunners.

The notes will be callable at 101 until October 2018, after which they will be callable at par.

The Paris-based distributor of aftermarket spare parts for light vehicles plans to use the proceeds to refinance an acquisition-related draw on its revolving credit facility, as well as to refinance its outstanding holdco pay-if-you-can notes and for general corporate purposes.

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