Global Auto Logistiques to bring euro 125 mln

By Paul A. Harris

St. Louis, Mo., Oct. 18 - Global Auto Logistiques SA is preparing to come to the high-yield bond market with new issuance via CIBC, informed sources told Prospect News.

"Right now (the offering) is in pre-launch," a source close to the deal stated on Thursday.

The amount is rumored to be €125 million of eight-year notes - the same as a previously planned offering that was reportedly delayed in the wake of the Sept. 11 terrorist attacks. One source identified the notes as senior subordinates.

No additional information on timing was available.

According to press releases, the proceeds will be used to fund buyouts of Compagnie d'Affrètement et de Transport SA, which is the logistics management business of Renault, and Axial, the automotive transport arm of Tibbett and Britten, which has operations in France, the UK, Spain and Portugal.

Global Auto is a UK-based company.

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