By Paul A. Harris
Portland, Ore., Feb. 3 – Alliance Automotive Finance plc priced an upsized €70 million add-on to its 6¼% senior secured notes due Dec. 1, 2021 (existing ratings B1/B+) at 102.25 to yield 5.79% on Tuesday, according to a market source.
The deal size was increased from €70 million.
The reoffer price came at the rich end of the 101.75 to 102.25 price talk.
Timing was accelerated; when launched, the deal had been expected to remain in the market overnight, into the Wednesday session.
Credit Suisse was the lead left bookrunner. Royal Bank of Scotland and UBS were joint bookrunners.
The Greny, France-based automotive parts supplier and repair services provider plans to use the proceeds for general corporate purposes, including future acquisitions.
| Issuer: | Alliance Automotive Finance plc
|
| Amount: | €70 million, increased from €50 million
|
| Maturity: | Dec. 1, 2021
|
| Security description: | Add-on to 6¼% senior secured notes due Dec. 1, 2021
|
| Lead left bookrunner: | Credit Suisse
|
| Joint bookrunners: | Royal Bank of Scotland, UBS
|
| Coupon: | 6¼%
|
| Price: | 102.25
|
| Yield to maturity: | 5.79%
|
| Spread: | 603 bps
|
| Call: | Make-whole call until Nov. 19, 2017, then callable at 103.125
|
| Trade date: | Feb. 2
|
| Settlement date: | Feb. 9
|
| Existing ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 101.75 to 102.25
|
| Marketing: | Quick to market (planned two-day roadshow cut short as timing was moved ahead)
|
| Original issue: | €225 million issue priced at 96.556 to yield 6 7/8% in November 2014
|
| Previous add-on: | €65 million add-on priced at 103.5 on May 6, 2015
|
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