New Issue: Autodistribution prices €60 million tap of 6½% notes due 2019 at 103.25 to yield 5.518%

By Paul A. Harris

Portland, Ore., May 11 – Autodistribution Group priced a €60 million add-on to its 6½% senior secured notes due Feb. 1, 2019 (B2/B+) at 103.25 to yield 5.518% on Monday, according to a market source.

The quick-to-market add-on priced at the rich end of the 103 to 103.25 price talk.

JPMorgan ran the books.

The Arcueil, France-based supplier of automobile and truck parts plans to use the proceeds to fund a distribution to equity holders and for general corporate purposes.

Issuer:	Autodis SA (Autodistribution Group)
Amount:	€60 million
Proceeds:	€62 million
Maturity:	Feb. 1, 2019
Security description:	Add-on to 6½% senior secured notes due Feb. 1, 2019
Bookrunner:	JPMorgan
Co-manager:	Oddo & Cie
Coupon:	6½%
Price:	103.25
Yield to maturity:	5.518%
Spread:	558 bps
First call:	Feb. 1, 2016 at 103.25
Trade date:	May 11
Settlement date:	May 15
Ratings:	Moody's: B2
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	103 to 103.25
Marketing:	Quick to market
Original issue:	€240 million priced at par in January 2014
Fungibility:	Add-on notes will be immediately fungible with original notes
Total issue size:	€300 million

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