Global Auto Holdings starts roadshow for $1.05 billion senior notes in two tranches

By Paul A. Harris

Portland, Ore., Jan. 8 – Global Auto Holdings Ltd. started a roadshow on Monday for a $1.05 billion two-part offering of senior notes, according to market sources.

The Rule 144A and Regulation S deal includes $525 million of five-year notes, initial talk 8 1/8% to 8 3/8%, and $525 million of eight-year notes, initial talk 8½% to 8¾%.

The five-year notes come with two years of call protection, while the eight-year notes come with three years of call protection.

JPMorgan is leading the notes sale.

The U.K.-based designer and manufacturer of automobiles and related components plans to use the proceeds to refinance debt.

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