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Genuine Parts to offer notes in two tranches via three bookrunners
By Mary-Katherine Stinson
Lexington, Ky., Oct. 23 – Genuine Parts Co. intends to price two series of fixed-rate notes via three bookrunners, according to a 424B5 filing with the Securities and Exchange Commission.
Both series feature a make-whole call until some months before maturity followed by a par call as well as a change-of-control put at 101 plus interest.
J.P. Morgan Securities LLC, PNC Capital Markets LLC and Wells Fargo Securities, LLC are the joint bookrunning managers.
U.S. Bank Trust Co. NA is the trustee.
The issuer will be represented by King & Spalding LLP. Davis Polk & Wardwell LLP will represent the underwriters.
Proceeds will be used to repay the company’s 3.24% series F senior promissory notes due Dec. 2, 2023, which have $250 million outstanding as of Sept. 30, and outstanding debt under its revolving credit facility maturing Sept. 30, 2026, with any remaining amounts for general corporate purposes. As of Sept. 30, based on the company’s debt rating, the applicable interest rate for the revolver was SOFR plus 112.5 basis points. As of Oct. 19, approximately $150 million was outstanding under the facility, which was used for working capital purposes in the ordinary course of business.
Atlanta-based Genuine Parts distributes automotive replacement parts.
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