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Business Wire
28-07-2025
- Automotive
- Business Wire
Advance Auto Parts Announces Pricing of Upsized $1.95 Billion in Aggregate Senior Notes Due 2030 and 2033
RALEIGH, N.C.--(BUSINESS WIRE)--Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers ('Advance' or the 'Company'), announced today that it has priced an offering of $975 million in aggregate principal amount of senior notes due 2030 (the '2030 Notes') and $975 million in aggregate principal amount of senior notes due 2033 (the '2033 Notes' and, together with the 2030 Notes, the 'Notes') in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the 'Act'). The 2030 Notes will pay interest semi-annually in arrears at a rate of 7.000% and will mature on August 1, 2030, unless redeemed earlier in accordance with their terms. The 2033 Notes will pay interest semi-annually in arrears at a rate of 7.375% and will mature on August 1, 2033, unless redeemed earlier in accordance with their terms. The Notes will be guaranteed by each of Advance's wholly-owned domestic subsidiaries that are expected to guarantee its ABL Facility (as defined below) and each of Advance's domestic subsidiaries that in the future guarantees its ABL Facility or certain other indebtedness. Advance expects to close the sale of the Notes on or about August 4, 2025, subject to the satisfaction of customary closing conditions. Substantially concurrently with the closing of the notes offering, Advance expects to enter into a new asset-based loan revolving credit facility (the 'ABL Facility') to replace its existing credit facility. The ABL Facility will provide for a five-year senior secured first lien asset-based revolving credit facility of up to $1,000 million with an expected uncommitted accordion feature, subject to a borrowing base thereunder. Advance intends to use a portion of the net proceeds from the Notes to redeem all of its outstanding 5.90% Senior Notes due March 9, 2026 (the '2026 Notes') and for general corporate purposes. In addition, a portion of the net proceeds from the offering, together with cash on hand, is expected to be contributed as qualified cash to the initial borrowing base for the ABL Facility in an initial amount not to exceed $2.5 billion. There can be no assurance that the offering of the Notes or the ABL Facility will be completed. For the avoidance of doubt, this press release does not constitute a redemption notice or an offer to redeem or sell any of the 2026 Notes. The Notes and the related guarantees have not been and will not be registered under the Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act. The Notes and the related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S. About Advance Auto Parts Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of April 19, 2025, Advance operated 4,285 stores primarily within the United States, with additional locations in Canada, Puerto Rico, and the U.S. Virgin Islands. The company also served 881 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. No Offer or Solicitation This press release is not an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Forward-Looking Statements Certain statements herein are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'forecast, 'guidance,' 'intend,' 'likely,' 'may,' 'plan,' 'position,' 'possible,' 'potential,' 'probable,' 'project,' 'should,' 'strategy,' 'target,' 'will,' or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the proposed Notes offering, the refinancing of the Company's existing credit facility with the planned ABL Facility, the redemption of the 2026 Notes with a portion of the net proceeds of the offering and the other expected use of proceeds. Forward-looking statements reflect the Company's views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the Company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. Please refer to ' Item 1A. Risk Factors ' of the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC'), as updated by the Company's subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.
Business Wire
24-07-2025
- Automotive
- Business Wire
Advance Auto Parts Announces Proposed Senior Notes Offering
RALEIGH, N.C.--(BUSINESS WIRE)--Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers ('Advance' or the 'Company'), announced today that it has launched an aggregate principal amount of $1,500 million senior unsecured notes offering consisting of two tranches of notes due 2030 and 2033 (together, the 'Notes') in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the 'Act'). The Notes will be guaranteed by each of Advance's wholly-owned domestic subsidiaries that are expected to guarantee its ABL Facility (as defined below) and each of Advance's domestic subsidiaries that in the future guarantees its ABL Facility or certain other indebtedness. Substantially concurrently with the closing of the notes offering, Advance expects to enter into a new asset-based loan revolving credit facility (the 'ABL Facility') to replace its existing credit facility. The ABL Facility will provide for a five-year senior secured first lien asset-based revolving credit facility of up to $1,000 million with an expected uncommitted accordion feature, subject to a borrowing base thereunder. Advance intends to use a portion of the net proceeds from the Notes to redeem all of its outstanding 5.90% Senior Notes due March 9, 2026 (the '2026 Notes') and for general corporate purposes. In addition, a portion of the net proceeds from the offering, together with cash on hand, is expected to be contributed as qualified cash to the initial borrowing base for the ABL Facility in an initial amount not to exceed $2.5 billion. There can be no assurance that the offering of the Notes or the ABL Facility will be completed. For the avoidance of doubt, this press release does not constitute a redemption notice or an offer to redeem or sell any of the 2026 Notes. The Notes and the related guarantees have not been and will not be registered under the Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act. The Notes and the related guarantees will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S. About Advance Auto Parts Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of April 19, 2025, Advance operated 4,285 stores primarily within the United States, with additional locations in Canada, Puerto Rico, and the U.S. Virgin Islands. The company also served 881 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. No Offer or Solicitation This press release is not an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sales of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Forward-Looking Statements Certain statements herein are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as 'anticipate,' 'believe,' 'could,' 'estimate,' 'expect,' 'forecast, 'guidance,' 'intend,' 'likely,' 'may,' 'plan,' 'position,' 'possible,' 'potential,' 'probable,' 'project,' 'should,' 'strategy,' 'target,' 'will,' or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about the proposed Notes offering, the refinancing of the Company's existing credit facility with the planned ABL Facility, the redemption of the 2026 Notes with a portion of the net proceeds of the offering and the other expected use of proceeds. Forward-looking statements reflect the Company's views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the Company undertakes no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. Please refer to ' Item 1A. Risk Factors ' of the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC'), as updated by the Company's subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.
Yahoo
08-07-2025
- Business
- Yahoo
DXP Enterprises, Inc. Announces Amendment of ABL Revolver
Increases size of ABL from $135 million to $185 million Continues to align capital structure with actions to support strategy Maintains liquidity and continues to support accelerating acquisition strategy HOUSTON, July 08, 2025--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that on July 1, 2025, DXP Enterprises, Inc. (the "Company") entered into an Increase Agreement (the "Increase Agreement") by and among the Company and certain of the Company's subsidiaries as borrowers, certain other subsidiaries of the Company as guarantors, pursuant to which the aggregate commitments under the Company's existing asset-based revolving credit facility (the "ABL Facility") were increased by $50 million. Following the effectiveness of the Increase Agreement, the total commitments under the ABL Facility increased from $135 million to $185 million. The ABL Facility now provides for asset-based revolving loans in an aggregate principal amount of up to $185.0 million, with up to $175.0 million to be made available to the US Borrowers (the "US ABL Facility") and up to $10.0 million to be made available to the Canadian Borrowers (the "Canadian ABL Facility" and together with the US ABL Facility, the "ABL Facility"). The Increase Agreement was entered into pursuant to the terms of the ABL Facility, which permits the Company to request incremental increases in the aggregate commitments, subject to certain conditions. The material terms of the ABL Facility, as previously disclosed, remain in effect and were not otherwise amended in connection with the Increase Agreement. The Increase Agreement provides DXP with continued operational and financial flexibility to reinvest in the business and pursue its organic and acquisition growth strategy. David R. Little, Chairman and Chief Executive Officer remarked, "We are pleased with the increase in our ABL. We will take this positive momentum, push to close out the year strong during the second half of 2025 and look to drive further growth in 2026. Our capital allocation strategy includes a mix of continuing to fund growth; applying excess cash flow to debt service, when appropriate; reinvesting in the business through our facilities, equipment, and software; and supporting DXP in the market. We plan to maintain liquidity and flexibility while pursuing growth opportunities and reinvesting in the business." Kent Yee, Chief Financial Officer added, "We are pleased with another amendment to our ABL increasing our borrowing capacity by $50 million. This accomplished several objectives, including creating liquidity and flexibility going forward as we look to accelerate growth via acquisitions and strategically reinvest in the business. DXP continues to be well-positioned to support its disciplined growth strategy. DXP continues to diversify and transform the business as evidenced by sales growing from $1.0 billion in 2020 to $1.9 billion for the last twelve months ending March 31, 2025, and covenant compliance adjusted EBITDA growing from $64.9 million in 2020 to over $212.8 million through the twelve months ending March 31, 2025. We appreciate the support from our advisors and lender group." Additional details regarding the Increase Agreement will be available in DXP's Current Report on Form 8-K to be filed with the Securities and Exchange Commission by July 8th. About DXP Enterprises, Inc. DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico, and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP's vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP's business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contain statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include but are not limited to; ability to obtain needed capital, dependence on existing management, leverage, and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, "may," "will," "should," "intend," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "goal," or "continue" or the negative of such terms or other comparable terminology. For more information, review the Company's filings with the Securities and Exchange Commission. View source version on Contacts Kent YeeSenior Vice President CFO713-996-4700 – Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
08-07-2025
- Business
- Business Wire
DXP Enterprises, Inc. Announces Amendment of ABL Revolver
HOUSTON--(BUSINESS WIRE)-- DXP Enterprises, Inc. (NASDAQ: DXPE) today announced that on July 1, 2025, DXP Enterprises, Inc. (the 'Company') entered into an Increase Agreement (the 'Increase Agreement') by and among the Company and certain of the Company's subsidiaries as borrowers, certain other subsidiaries of the Company as guarantors, pursuant to which the aggregate commitments under the Company's existing asset-based revolving credit facility (the 'ABL Facility') were increased by $50 million. Following the effectiveness of the Increase Agreement, the total commitments under the ABL Facility increased from $135 million to $185 million. The ABL Facility now provides for asset-based revolving loans in an aggregate principal amount of up to $185.0 million, with up to $175.0 million to be made available to the US Borrowers (the 'US ABL Facility') and up to $10.0 million to be made available to the Canadian Borrowers (the 'Canadian ABL Facility' and together with the US ABL Facility, the 'ABL Facility'). The Increase Agreement was entered into pursuant to the terms of the ABL Facility, which permits the Company to request incremental increases in the aggregate commitments, subject to certain conditions. The material terms of the ABL Facility, as previously disclosed, remain in effect and were not otherwise amended in connection with the Increase Agreement. The Increase Agreement provides DXP with continued operational and financial flexibility to reinvest in the business and pursue its organic and acquisition growth strategy. David R. Little, Chairman and Chief Executive Officer remarked, 'We are pleased with the increase in our ABL. We will take this positive momentum, push to close out the year strong during the second half of 2025 and look to drive further growth in 2026. Our capital allocation strategy includes a mix of continuing to fund growth; applying excess cash flow to debt service, when appropriate; reinvesting in the business through our facilities, equipment, and software; and supporting DXP in the market. We plan to maintain liquidity and flexibility while pursuing growth opportunities and reinvesting in the business.' Kent Yee, Chief Financial Officer added, 'We are pleased with another amendment to our ABL increasing our borrowing capacity by $50 million. This accomplished several objectives, including creating liquidity and flexibility going forward as we look to accelerate growth via acquisitions and strategically reinvest in the business. DXP continues to be well-positioned to support its disciplined growth strategy. DXP continues to diversify and transform the business as evidenced by sales growing from $1.0 billion in 2020 to $1.9 billion for the last twelve months ending March 31, 2025, and covenant compliance adjusted EBITDA growing from $64.9 million in 2020 to over $212.8 million through the twelve months ending March 31, 2025. We appreciate the support from our advisors and lender group.' Additional details regarding the Increase Agreement will be available in DXP's Current Report on Form 8-K to be filed with the Securities and Exchange Commission by July 8 th. About DXP Enterprises, Inc. DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico, and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP's vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP's business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to The Private Securities Litigation Reform Act of 1995 provides a 'safe harbor' for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contain statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include but are not limited to; ability to obtain needed capital, dependence on existing management, leverage, and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, 'may,' 'will,' 'should,' 'intend,' 'expect,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'goal,' or 'continue' or the negative of such terms or other comparable terminology. For more information, review the Company's filings with the Securities and Exchange Commission.
Yahoo
04-06-2025
- Automotive
- Yahoo
Rivian Automotive, Inc. Announces Proposed $1.25 Billion Senior Secured Green Notes Offering to Refinance Outstanding Senior Secured Notes due 2026
IRVINE, Calif., June 02, 2025--(BUSINESS WIRE)--Rivian Automotive, Inc. (Nasdaq: RIVN) ("Rivian") today announced that Rivian Holdings, LLC (the "Company"), Rivian, LLC ("Rivian LLC") and Rivian Automotive, LLC ("Rivian Automotive" and, together with the Company and Rivian LLC, the "Co-Issuers") intend to offer, subject to market and other customary conditions, $1,250,000,000 aggregate principal amount of senior secured green notes due 2031 (the "notes") in a private offering. Rivian expects to use the net proceeds from the offering of the notes, together with cash on hand, to redeem in full the $1,250,000,000 aggregate principal amount of the Co-Issuers' outstanding floating rate senior secured notes due 2026 (the "2026 Notes") and pay related fees and expenses. This press release does not constitute a notice of redemption with respect to the 2026 Notes. The notes are expected to be guaranteed by each of the Company's subsidiaries that also guarantee the Co-Issuers' senior secured asset-based revolving credit facility (the "ABL Facility"). The notes and the guarantees are expected to be secured on a first-priority basis by substantially all assets of the Co-Issuers and the guarantors, other than ABL Priority Collateral (as defined below), if and when the previously announced loan facility with the Department of Energy is funded, on a first-priority basis by substantially all assets of Rivian New Horizon, LLC, and on a second-priority basis by the inventory, receivables, certain deposit accounts and certain related assets (which exclude intellectual property) which secure the ABL Facility on a first-priority basis (the "ABL Priority Collateral"), in each case subject to certain excluded assets and permitted liens. The notes and the related guarantees are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or to persons other than "U.S. persons" in compliance with Regulation S under the Securities Act. The notes and the related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, nor will there be any sale of securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. Any offers of the notes will be made only by means of a private offering memorandum. About Rivian Rivian (NASDAQ: RIVN) is an American automotive manufacturer that develops and builds category-defining electric vehicles and accessories. The company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers. The company provides a full suite of services that address the entire lifecycle of the vehicle and stay true to its mission to keep the world adventurous forever. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding statements regarding the notes offering and the expected use of proceeds therefrom, which statements are based on current expectations, forecasts, and assumptions and involve risks and uncertainties that could cause actual results to differ materially from expectations discussed in such statements, you can identify forward-looking statements by terms such as "will," "expects," or the negative of these terms or other similar expressions, although not all forward-looking statements use these words or expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, our ability to complete the offering on favorable terms, if at all, general market, political, economic and business conditions which might affect the offering and the important factors discussed in Part II, Item 1A, "Risk Factors" in Rivian's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and its other filings with the Securities and Exchange Commission. Rivian may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and Rivian does not undertake to update the statements included in this press release for subsequent developments, except as may be required by law. View source version on Contacts Investor Contactir@ Media ContactHarry Portermedia@
