| NEW YORK
NEW YORK Nov 6 Automotive parts maker Advance
Auto Parts is expected to tap the markets Friday with a
$1.6 billion credit facility, sources told Thomson Reuters LPC.
JP Morgan, Bank of America Merrill Lynch, SunTrust and Wells
Fargo are leading the deal.
The facility comprises a $1 billion, five-year revolver and
a $600 million, five-year term loan. The facility will launch
via a conference call at 9 a.m. EST. No further information was
available by press time.
The loans will back the company's $2.04 billion acquisition
of General Parts International Inc (GPII).
The company said it intends to finance the all-cash
acquisition through a combination of senior notes, bank debt and
existing cash on hand. A senior notes offering and bank debt
syndication were expected to occur prior to closing.
Advance Auto Parts is a provider of automotive aftermarket
parts, accessories, batteries and maintenance items. GPII is a
privately held distributor and supplier of original equipment
and aftermarket replacement products for commercial markets
operating under the CARQUEST and WORLDPAC brands. The
transaction has been approved by the boards of directors of both