Advanced Accessory launches $60 million seven-year senior discount notes

By Paul A. Harris

St. Louis, Jan. 22 - Advanced Accessory Holdings Corp. has launched an offering of $60 million proceeds of senior discount notes due 2011 (Caa1/CCC+), a market source said.

An investor conference call is scheduled to take place Friday with pricing expected early in the Jan. 26 week.

Bear Stearns & Co. is the bookrunner on the Rule 144A offering.

The notes, which will be payable in kind for four years, also will come with four years of call protection.

Proceeds will be used to fund a distribution to shareholders.

The Sterling Heights, Mich.-based issuer is the parent of Advanced Accessory Systems LLC, a manufacturer of exterior accessories (rack and towing systems) for the automotive original equipment and aftermarket.

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