by Paul A. Harris
St. Louis, May 20 - Advanced Accessory Systems LLC sold $150 million of guaranteed senior notes due June 15, 2011 (B2/B-) at par Tuesday to yield 10¾%, according to a syndicate source.
Price talk was for a yield of 10¾%-11%.
Deutsche Bank Securities Inc. was the bookrunner for the Rule 144A deal. Credit Suisse First Boston was joint lead manager.
Proceeds will be used to help fund the LBO of the company from JP Morgan Partners by Castle Harlan including repayment of $125 million of 9¾% guaranteed senior subordinated notes.
Advanced Accessory is a Sterling Heights, Mich.-based automotive parts maker.
| Issuer: | Advanced Accessory Systems LLC
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| Amount: | $150 million
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| Maturity: | June 15, 2011
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| Security description: | Guaranteed senior notes
|
| Managers: | Deutsche Bank Securities (books), Credit Suisse First Boston (joint lead)
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| Coupon: | 10¾%
|
| Price: | Par
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| Yield: | 10¾%
|
| Spread: | 776 basis points
|
| Call features: | Callable on June 15, 2007 at 105.375, then at 102.688, declining to par on June 15, 2009 and thereafter
|
| Settlement date: | May 23, 2003
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| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Price talk: | 10¾%-11%
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