Mavis Tire talks $720 million eight-year notes to yield in 6½% area; pricing Friday

By Paul A. Harris

Portland, Ore., April 29 – Mavis Tire Express Services talked its $720 million offering of eight-year senior notes (B3/CCC) to yield in the 6½% area, tight to the 6½% to 6¾% initial guidance, according to market sources.

Books close at 11 a.m. ET on Friday, and the deal is set to price thereafter.

The deal is heard to be three-times oversubscribed, a trader said.

Jefferies LLC, Apollo Global Securities LLC, BofA Securities Inc., KKR Capital Markets LLC and Stifel Nicolaus & Co. Inc. are the bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

Proceeds will be used to fund the leveraged buyout of Mavis Tire, a Millwood, N.Y.-based tire retailer and automotive aftermarket service provider, by an investor group led by BayPine LP, in partnership with TSG Consumer Partners LP.

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