Alliance Automotive talks floating tranche of €325 million two-part notes at Euribor plus 550 bps

By Paul A. Harris

Portland, Ore., Nov. 7 – Alliance Automotive Group talked the floating-rate notes tranche of its €325 million two-part offering of seven-year senior secured notes (expected ratings B2/B+) with a 550 basis points spread to Euribor, including a 1% Libor floor, a market source said on Friday.

Talk on the fixed-rate notes is expected in the week ahead.

The roadshow wraps up on Wednesday, and the Rule 144A and Regulation S deal is set to price thereafter.

The fixed-rate notes come with three years of call protection, and floating-rate notes come with one year of call protection.

Joint bookrunner Credit Suisse will bill and deliver. UBS and Royal Bank of Scotland are also joint bookrunners.

The notes in both tranches feature 101% poison puts.

The issuing entity will be special purpose vehicle Alize Finco plc.

Proceeds will be used to fund the acquisition of the Greny, France-based automotive parts supplier and repair services provider by funds advised by Blackstone and Founding Shareholders.

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