Global Auto Logistics E100 million notes talked at 11½%-11¾%, pricing Friday

By Paul A. Harris

St. Louis, Mo., Nov. 28 - Global Auto Logistics SA's offering of €100 million of eight-year senior notes (B2/B) is talked at a yield of 11½%-11¾%, according to a syndicate source, who added that the deal is expected to price Friday.

The bookrunner is CIBC World Markets. ING Barings and WestLB are co-managers, according to syndicate sources.

Proceeds will be used to fund a buyout of Compagnie d'Affrètement et de Transport SA, which is the logistics management business of Renault.

The offering was initially €125 million but has been downsized due to "market conditions," according to an informed source.

Global Auto Logistics is a Luxembourg-based company.

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