By Paul A. Harris
Portland, Ore., Jan. 22 - France-based Autodistribution Group priced a €240 million issue of five-year senior secured notes (B3/B+) at par to yield 6½% on Thursday, according to a market source.
The yield came 12.5 basis points below the tight end of yield talk that had been set in the 6¾% area.
JPMorgan ran the books for the sale.
Proceeds will be used to repay debt and to fund the acquisition of ACR Group.
Autodistribution is an Arcueil, France-based supplier of automobile and truck parts.
ACR Group is a Gennevilliers, France-based supplier of brake, chassis and engine parts, as well as alternators and starters.
| Issuer: | Autodis SA (Autodistribution Group)
|
| Amount: | €240 million
|
| Maturity: | Feb. 1, 2019
|
| Securities: | Senior secured notes
|
| Bookrunner: | JPMorgan
|
| Co-manager: | Oddo & Cie.
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 567 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps until Feb. 1, 2016 then callable at 103.25, 101.625, par on and Feb. 1, 2018
|
| Equity clawback: | 40% at 106.5 until Feb. 1, 2016
|
| Investor put: | 101% upon change of control
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
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