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Fitch rates LKQ notes BBB-
Fitch Ratings said it assigned BBB- ratings to LKQ Corp.'s upcoming issuance of new senior unsecured notes. LKQ plans to sell two series of senior unsecured notes with five- and 10-year tenors.
Fitch rates LKQ's long-term issuer default rating and senior unsecured debt BBB-.
LKQ is expected to use the proceeds to support the previously announced UNI Select acquisition. If the acquisition does not close, the 10-year tranche is expected to be subject to a special mandatory redemption while Fitch said it believes the five-year tranche proceeds would be used to refinance debt.
The outlook is stable.
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