By Andrea Heisinger
New York, April 26 - Advance Auto Parts Inc. sold $300 million 5.75% split-rated 10-year senior unsecured notes on Monday to yield Treasuries plus 200 basis points, a market source said.
The notes were talked in the 212.5 bps area, with a margin of plus of minus 12.5 bps, a source said.
The notes (Ba1/BBB-/) priced at 99.587 to yield 5.805%. They have a make-whole call at Treasuries plus 30 bps.
J.P. Morgan Securities Inc. was the active bookrunner, and Bank of America Merrill Lynch was a passive bookrunner. Co-managers were BB&T Capital Markets, HSBC Securities, Stifel Nicolaus, Wells Fargo Securities and US Bancorp.
Proceeds are being used to repay debt and for general corporate purposes.
The auto parts retailer is based in Roanoke, Va.
| Issuer: | Advance Auto Parts Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million
|
| Maturity: | May 1, 2020
|
| Bookrunners: | J.P. Morgan Securities Inc. (active), Bank of America Merrill Lynch (passive)
|
| Co-managers: | BB&T Capital Markets, HSBC Securities, Stifel Nicolaus, Wells Fargo Securities, US Bancorp
|
| Coupon: | 5.75%
|
| Price: | 99.587
|
| Yield: | 5.805%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | April 26
|
| Settlement date: | April 29
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Price talk: | 212.5 bps, plus or minus 12.5 bps
|
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