By Cristal Cody
Tupelo, Miss., April 13 – Advance Auto Parts, Inc. priced $500 million of 3.9% 10-year senior notes (Baa2/BBB-) on Monday at a spread of Treasuries plus 320 basis points, according to a market source and a press release.
Initial guidance was in the Treasuries plus 337.5 bps area.
BofA Securities, Inc., J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc. were the bookrunners of the Rule 144A and Regulation S private offering.
Proceeds will be used for general corporate purposes, including debt refinancing.
Advance Auto is a Roanoke, Va.-based specialty retailer of automotive aftermarket parts, accessories, batteries and maintenance items.
| Issuer: | Advance Auto Parts, Inc.
|
| Amount: | $500 million
|
| Maturity: | April 15, 2030
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC and SunTrust Robinson Humphrey Inc.
|
| Coupon: | 3.9%
|
| Spread: | Treasuries plus 320 bps
|
| Trade date: | April 13
|
| Settlement date: | April 16
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB-
|
| Distribution: | Rule 144A and Regulation S private
|
| Price guidance: | Treasuries plus 337.5 bps area
|
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