By Paul A. Harris
Portland, Ore., Oct. 5 – Alliance Automotive Finance plc priced a €180 million add-on to its 6¼% senior secured notes due Dec. 1, 2021 (B2) at 106 to yield 4.915% on Wednesday, according to a market source.
The reoffer price came at the rich end of the 105.5 to 106 price talk.
Joint global coordinator Credit Suisse was the left lead manager for the quick-to-market deal. UBS was also a joint global coordinator. Royal Bank of Scotland was the joint bookrunner.
The Greny, France-based automotive parts supplier and repair services provider plans to use the proceeds to finance the acquisition of FPS Distribution Ltd. and its subsidiaries and to fund cash on the balance sheet.
| Issuer: | Alliance Automotive Finance plc
|
| Amount: | €180 million
|
| Maturity: | Dec. 1, 2021
|
| Security description: | Add-on to 6¼% senior secured notes due Dec. 1, 2021
|
| Global coordinators: | Credit Suisse (left lead), UBS
|
| Joint bookrunner: | Royal Bank of Scotland
|
| Coupon: | 6¼%
|
| Price: | 106
|
| Yield: | 4.915%
|
| Spread: | 547 bps
|
| First call: | Dec. 1, 2017 at 103.125
|
| Trade date: | Oct. 5
|
| Settlement date: | Oct. 19 with accrued interest
|
| Rating: | Moody's: B2
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 105.5 to 106
|
| Marketing: | Quick to market
|
| Original issue: | €225 million priced at 96.556 to yield 6 7/8% in November 2014
|
| Previous add-on: | €65 million priced at 103.5 in May 2015
|
| Total issue size: | €470 million
|
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