Constellation Automotive launches upsized £695 million secured notes at 4 7/8%; pricing Friday

By Paul A. Harris

Portland, Ore., July 16 – Constellation Automotive Financing plc launched an upsized £695 million offering of six-year senior secured notes (expected ratings: B2/B-) at 4 7/8% on Friday, according to a market source.

Pricing is expected later on Friday.

The deal, upsized from £650 million, had been in the market with earlier guidance in the low 5% area.

Global coordinator and left bookrunner Barclays will bill and deliver. HSBC is a global coordinator and a joint bookrunner. Santander is a joint bookrunner.

The Rule 144A and Regulation S notes come with two years of call protection.

The England-based digital used-vehicle marketplace plans to use the proceeds to help refinance and recapitalize the company.

With the £45 million increase to the bond deal, the concurrent term loan was downsized by the same amount, to £740 million equivalent from £785 million equivalent.

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