Advance Auto offers to purchase outstanding 4.5% notes due 2023

By Taylor Fox

New York, Sept. 22 – Advance Auto Parts, Inc. commenced a cash tender offer for any and all of its outstanding 4.5% senior notes due Dec. 1, 2023 (Cusip: 00751YAC0), according to a news release.

As of Sept. 22, there were $450 million of the notes outstanding.

The tender offer consideration for each $1,000 of notes validly tendered and not validly withdrawn and accepted for purchase will be determined using a fixed spread of 25 basis points plus the yield based on the 0.125% reference security due Sept. 15, 2023 at 2 p.m. ET on Sept. 28, plus interest.

The offer will expire at 5 p.m. ET on Sept. 28.

Tendered notes may be withdrawn prior to 5 p.m. ET on Sept. 28.

Advance Auto expects settlement to occur on Sept. 29.

Advance Auto intends to use the net proceeds from a concurrent offering of debt securities, together with cash on hand, to fund the consideration and interest for all notes validly tendered in the offer and accepted for purchase and to pay all fees and expenses incurred in connection with the offer. Any remainder will be used for general corporate purposes, which may include repayment of additional debt.

D.F. King & Co., Inc. (800 848-3405, 212 269-5550; aap@dfking.com) is the tender agent and information agent.

J.P. Morgan Securities LLC (866 834-4666, 212 834-8553) is the dealer manager.

Advance Auto is a Roanoke, Va.-based specialty retailer of automotive aftermarket parts, accessories, batteries and maintenance items.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.