Advance Auto Parts eyes $450 million offering of 10-year notes

By Cristal Cody

Tupelo, Miss., Nov. 25 - Advance Auto Parts, Inc. (Baa3/BBB-/) intends to sell $450 million of 10-year notes, according to a 424B5 filling with the Securities and Exchange Commission.

BofA Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The notes initially will be guaranteed on a senior basis by some domestic subsidiaries of the company.

The issue includes a 101% change-of-control put.

Advance Auto Parts plans to use the proceeds to help finance its $2.1 billion cash and debt acquisition of General Parts International, Inc. The merger is scheduled to be completed in 2014.

Advance Auto Parts is an automotive aftermarket parts and accessories retailer based in Roanoke, Va.

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