Service King starts roadshow for $200 million eight-year notes

By Paul A. Harris

Portland, Ore., Sept. 15 – Service King Collision Repair Centers began a roadshow on Monday for a $200 million offering of eight-year senior notes (expected ratings Caa1/CCC+), according to a market source.

The deal is set to price Friday.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Macquarie are the joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

Proceeds will be used to help fund Blackstone’s acquisition of a 55% stake in Service King from the Carlyle Group.

The issuing entity will be special purpose vehicle Midas Intermediate Holdco II LLC/Finance Corp.

Service King is a Dallas-based operator of a chain of collision repair shops.

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