By Paul A. Harris
Portland, Ore., Oct. 29 – France-based Autodistribution Group priced a €239 million issue of restructured five-year senior holdco pay-if-you-can notes (B3/CCC+) at 99.5, with a cash yield of 9.126% on Thursday, according to a market source.
The notes pay a 9% cash coupon and a 9¾% PIK coupon.
The coupon came on top of coupon talk. The reoffer price came at the rich end of the 99 to 99.5 price talk. The coupon printed at the tight end of the 9 1/8% to 9¼% yield talk.
In a restructuring triggered by investor pushback, the initial call premium was increased to 102 from 101. The notes will become callable after one year at 102, and after two years at par.
Global coordinator JPMorgan will bill and deliver. Credit Suisse was also a global coordinator. BNP Paribas was the lead manager.
Proceeds will be used to help fund the buyout of Autodis SAS by Bain Capital LLC for approximately €600 million.
Autodistribution is an Arcueil, France-based supplier of automobile and truck parts.
| Issuer: | Dakar Finance SA (Autodistribution Group)
|
| Securities: | Senior holdco pay-if-you-can notes
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| Face amount: | €239 million
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| Proceeds: | €237,805,000
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| Maturity: | Nov. 15, 2020
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| Cash coupon: | 9%
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| PIK coupon: | 9¾%
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| Price: | 99.5
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| Cash yield: | 9.126%
|
| Cash spread: | 925 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until Nov. 15, 2016, then callable at 102, par after two years
|
| Equity clawback: | 40% at 109 until Nov. 15, 2016
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| Investor put: | 101% upon change of control
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| Global coordinators: | JPMorgan (bill and deliver), Credit Suisse
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| Lead manager: | BNP Paribas
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| Trade date: | Oct. 29
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| Settlement date: | Nov. 12
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| Ratings: | Moody’s: B3
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| Standard & Poor’s: CCC+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 9% coupon at 99 to 99.5 to yield 9 1/8% to 9¼%
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| Marketing: | Roadshow
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