By Marisa Wong
Los Angeles, April 12 – TI Fluid Systems priced €600 million of eight-year senior notes (expected: B3/B+) at par, according to a notice. The notes will be issued through TI Automotive Finance plc.
Initial guidance had the deal coming to yield in the mid-4% area, according to a market source.
Joint bookrunner JPMorgan will bill and deliver. Barclays and Deutsche Bank are also joint bookrunners.
BNP Paribas, Citigroup, Goldman Sachs, Mizuho and RBC are passive bookrunners.
The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.
The Oxford, U.K.-based supplier of automotive fluid systems plans to use the proceeds plus cash on hand to pay down its senior secured credit facilities.
| Issuer: | TI Automotive Finance plc
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| Issue: | Notes
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| Amount: | €600 million
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| Maturity: | Eight years
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| Bookrunners: | JPMorgan, Barclays and Deutsche Bank (active); BNP Paribas, Citigroup, Goldman Sachs, Mizuho and RBC (passive)
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| Price: | Par
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| Call option: | After three years at par plus 50% of the coupon
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| Announcement date: | April 12
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| Expected ratings: | Moody’s: B3
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S
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| Initial guidance: | Mid-4% area
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