By Cristal Cody
Tupelo, Miss., Nov. 25 - Advance Auto Parts, Inc. (Baa3/BBB-/) sold $450 million of 4.5% 10-year notes at 99.69 to yield 4.539% on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced with a spread of 180 basis points plus Treasuries.
J.P. Morgan Securities LLC, BofA Merrill Lynch, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The notes initially will be guaranteed on a senior basis by some domestic subsidiaries of the company.
The issue includes a 101% change-of-control put.
The issue has a make-whole call of Treasuries plus 30 bps if the notes are redeemed before Sept. 1, 2023.
Advance Auto Parts plans to use the proceeds to help finance its $2.1 billion cash and debt acquisition of General Parts International, Inc. The merger is scheduled to be completed in 2014.
Advance Auto Parts is an automotive aftermarket parts and accessories retailer based in Roanoke, Va.
| Issuer: | Advance Auto Parts, Inc.
|
| Guarantor: | Certain domestic subsidiaries
|
| Amount: | $450 million
|
| Maturity: | Dec. 1, 2023
|
| Securities: | Notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Co-managers: | HSBC Securities (USA) Inc., U.S. Bancorp Investments, Inc., BB&T Capital Markets, Deutsche Bank Securities Inc., PNC Capital Markets LLC, TD Securities (USA) LLC
|
| Coupon: | 4.5%
|
| Price: | 99.69
|
| Yield: | 4.539%
|
| Spread: | 180 bps over Treasuries
|
| Make-whole call: | 30 bps over Treasuries
|
| Put option: | 101%
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 3
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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