DriveTime plans to price $50 million add-on to 12 5/8% notes due 2017

By Aleesia Forni

Virginia Beach, Va., April 22 - DriveTime Automotive Group, Inc. and DT Acceptance Corp. have set an investor call ahead of a planned $50 million add-on to DriveTime's existing 12 5/8% notes due 2017, according to a market source.

The investor call is set for Tuesday, and pricing is expected mid-week during the April 22 week.

Jefferies & Co. and Wells Fargo Securities LLC are the joint bookrunners for the Rule 144A and Regulation S with registration rights transaction.

Proceeds will be used to repay a portion of the company's outstanding warehouse facilities.

The notes will be fungible upon registration.

The original $200 million issue priced on May 27, 2010 at 98.854 to yield 12 7/8%.

DriveTime is a Phoenix-based used vehicle retailer. It focuses solely on sales and financing services to the subprime market.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.