Advance Auto Parts Announces Pricing of Cash Tender Offer for Any and All of Its Outstanding 4.50% Senior Unsecured Notes Due December 1, 2023

Nachrichtenquelle: Business Wire (engl.)
28.09.2020, 21:16  |  116   |   |   

Advance Auto Parts, Inc. (“Advance”) (NYSE: AAP), a leading automotive aftermarket parts provider in North America, announced today that it has priced the previously announced cash tender offer for any and all of its outstanding 4.50% senior unsecured notes due December 1, 2023 (CUSIP No. 00751Y AC0) (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated September 22, 2020 (as it may be amended or supplemented from time to time, the “Offer to Purchase”), and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the “Notice of Guaranteed Delivery”). The tender offer is referred to herein as the “Offer.” The Offer to Purchase and the Notice of Guaranteed Delivery are referred to herein collectively as the “Offer Documents.”

Certain information regarding the Notes and the pricing for the Offer is set forth in the table below.

Title of
Securities

Principal
Amount
Outstanding

U.S. Treasury
Reference
Security

Bloomberg
Reference
Page

Reference
Yield

Fixed
Spread

Tender Offer
Consideration (1) (2)

4.50% Notes
due 2023
(CUSIP No.:
00751Y AC0)

$450,000,000

0.125% UST
due September
15, 2023

FIT1

0.154%

25 bps

$1,118.87

(1)

Per $1,000 principal amount of Notes tendered and accepted for purchase.

(2)

Excludes accrued and unpaid interest from the last interest payment date up to, but not including, the Settlement Date, which will be paid in addition to the Tender Offer Consideration.

The Offer will expire today at 5:00 p.m., New York City time, unless extended or earlier terminated, as described in the Offer Documents (such time and date, as may be extended, the “Expiration Date”).

The “Tender Offer Consideration” listed in the table above for each $1,000 principal amount of Notes validly tendered and not validly withdrawn and accepted for purchase pursuant to the Offer to Purchase was determined in the manner described in the Offer Documents by reference to the fixed spread for the Notes specified in the table above plus the yield based on the bid-side price of the U.S. Treasury Reference Security specified in the table above at 2:00 p.m., New York City time, on September 28, 2020.

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