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Published on 7/8/2020 in the Prospect News High Yield Daily.

New Issue: France’s Autodis prices €300 million five-year secured notes at par to yield in 6½%

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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