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Cobra Acquisition starts roadshow for $400 million eight-year notes backing buyout of Exeter
By Paul A. Harris
Portland, Ore., Sept. 27 – Cobra AcquisitionCo LLC began a roadshow on Monday for a $400 million offering of eight-note senior notes (expected ratings B2/B-) backing the acquisition of a majority stake in Exeter Finance by Warburg Pincus and others, according to market sources.
The deal, which was set to kick off on a Monday conference call with investors, is in the market with initial guidance in the low-to-mid 6% area and is expected to price on Thursday.
Citigroup Global Markets Inc. is the left bookrunner. Barclays, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.
The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.
Proceeds plus the contribution/rollover of $1.405 billion of equity from Warburg Pincus, partners and management, will be used to fund the acquisition of a majority stake in Exeter, an Irving, Tex.-based auto finance company, from Blackstone and to repay certain debt.
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