By Paul A. Harris
Portland, Ore., July 8 – Paris-based automotive parts supplier Autodis priced a €300 million issue of five-year senior secured notes (Caa1/B-) at par to yield 6½% on Wednesday, according to market sources.
Joint global coordinators were Citigroup, BNP Paribas and SG CIB. Additional joint bookrunners were Credit Suisse, Goldman Sachs, JPMorgan and Morgan Stanley.
The yield printed at the tight end of the 6½% to 6 5/8% yield talk. Initial guidance was in the 6¾% area.
The notes were sold via Parts Europe SA.
Proceeds will be used to pay off the company’s senior secured fixed-rate notes and to partially redeem its 2019 senior secured floating-rate notes.
| Issuer: | Parts Europe SA
|
| Amount: | €300 million
|
| Maturity: | July 16, 2025
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | Citigroup (bill and deliver), BNP Paribas and SG CIB
|
| Joint bookrunners: | Credit Suisse, Goldman Sachs, JPMorgan and Morgan Stanley
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 717 bps
|
| Call protection: | 1.5 years
|
| Trade date: | July 8
|
| Settlement date: | July 17
|
| Ratings: | Moody’s: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6½% to 6 5/8%
|
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