By Paul A. Harris
Portland, Ore., July 5 – Autodis SA priced a €175 million add-on to its Euribor plus 437.5 basis points senior secured floating-rate notes due May 2022 (B2/B) at 99.5 on Thursday, according to a market source.
The issue price came at the rich end of the 99.25 to 99.5 price talk.
Left lead bookrunner BNP Paribas will bill and deliver. Citigroup, Goldman Sachs and JPMorgan are the joint bookrunners.
The company originally sold €260 million of the notes on Nov. 2, 2016 at par and sold an €80 million add-on to the issue at 100.5 on April 12, 2017.
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.
| Issuer: | Autodis SA
|
| Amount: | €175 million
|
| Maturity: | May 1, 2022
|
| Security description: | Add-on to Euribor plus 437.5 bps senior secured floating-rate notes due May 1, 2022
|
| Lead left bookrunner: | BNP Paribas (bill and deliver)
|
| Joint bookrunners: | Citigroup, Goldman Sachs, JPMorgan
|
| Coupon: | Euribor plus 437.5 bps
|
| Price: | 99.5
|
| Call: | Presently callable at 101, callable at par after Nov. 1, 2018
|
| Trade date: | July 5
|
| Settlement date: | July 11
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 99.25 to 99.5
|
| Marketing: | Roadshow
|
| Original issue: | €260 million priced at par on Nov. 2, 2016
|
| Previous add-on: | €80 million add-on priced at 100.5 on April 12, 2017
|
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