By Paul A. Harris
Portland, Ore., Sept. 30 – Exeter Finance priced its $400 million issue of eight-year senior notes (B2/B-) at par to yield 6 3/8% on Thursday, according to market sources.
The yield printed in the middle of the 6¼% to 6½% yield talk. Initial guidance was in the low-to-mid 6% area.
Citigroup Global Markets Inc. was the left bookrunner. Joint bookrunners were Barclays, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC.
The notes are being issued via Cobra AcquisitionCo LLC.
Proceeds plus the contribution/rollover of $1.405 billion of equity from Warburg Pincus, partners and management, will be used to fund the acquisition of a majority stake in Exeter, an Irving, Tex.-based auto finance company, by Warburg Pincus from Blackstone, and to repay certain debt.
| Issuer: | Cobra AcquisitionCo LLC
|
| Amount: | $400 million
|
| Maturity: | Nov. 1 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | Barclays, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 517 bps
|
| First call: | Nov. 1, 2024 at 103.25
|
| Trade date: | Sept. 30
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% to 6½%
|
| Marketing: | Roadshow
|
|
|
© 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.
