Alliance Automotive shops €50 million tap of 6¼% notes due 2021; pricing Wednesday

By Paul A. Harris

Portland, Ore., Feb. 2 – Alliance Automotive Finance plc commenced marketing for a proposed €50 million add-on to its 6¼% senior secured notes due Dec. 1, 2021 (existing ratings B1/B+) on Tuesday, according to a market source.

The Rule 144A and Regulation S deal is expected to price on Wednesday.

Credit Suisse is the lead left bookrunner. Royal Bank of Scotland and UBS are joint bookrunners.

The notes feature a make-whole call until Nov. 19, 2017 and then become callable at a premium.

The Greny, France-based automotive parts supplier and repair services provider plans to use the proceeds for general corporate purposes, including future acquisitions.

The original €225 million issue priced at 96.556 to yield 6 7/8% in November 2014.

A previous €65 million add-on priced at 103.5 on May 6, 2015.

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