LKQ CORP (LKQ): debt financing — LKQ issues $1.4B senior notes at 5.75% (2028) and 6.25% (2033) to fund Uni-Select acquisition

LKQ CORP

$800M 5.75% notes due 2028 and $600M 6.25% notes due 2033 issued on May 24, 2023.
Net proceeds, with term loan borrowings, will finance portion of Uni-Select acquisition and associated fees.
Notes are senior unsecured, guaranteed by domestic subsidiaries; interest payable semi-annually.
If Uni-Select acquisition not completed by Nov 27, 2023 (ext. to Feb 26, 2024), 2033 notes must be redeemed at 101%.
Registration Rights Agreement requires exchange offer registration within 330 days, with Additional Interest penalties for defaults.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

LKQ CORP incurred senior notes of $1.4 billion aggregate principal amount of senior unsecured notes, consisting of $800 million senior notes due 2028 and with BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers at interest at rates of 5.75% and 6.25%, respectively, per year maturing due 2028 and due 2033.

Instrument: senior notes
Principal: $1.4 billion aggregate principal amount of senior unsecured notes, consisting of $800 million senior notes due 2028 and
Counterparty: BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers
Rate: interest at rates of 5.75% and 6.25%, respectively, per year
Maturity: due 2028 and due 2033
Event: incurrence

Exact text from the filing

On May 24, 2023, LKQ Corporation (the "Company," "we," "us," or "our") completed an offering of $1.4 billion aggregate principal amount of senior unsecured notes, consisting of $800 million senior notes due 2028 (the "2028 Notes") and $600 million senior notes due 2033 (the "2033 Notes" and together with the 2028 Notes, the "Notes") in a private placement conducted pursuant to Rule 144A and Regulation S under the United States Securities Act of 1933 (the "Securities Act").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LKQ CORP entered into Registration Rights Agreement with BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers (effective 2023-05-24).

Action: entry
Agreement: notes offering
Counterparty: BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers
Effective: 2023-05-24

Exact text from the filing

In connection with the sale of the Notes, we entered into a Registration Rights Agreement, dated as of May 24, 2023 (the "Registration Rights Agreement"), with the Guarantors and BofA Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the initial purchasers of the Notes identified therein.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LKQ CORP entered into Indenture with U.S. Bank Trust Company, National Association, as trustee valued at $1.4 billion (effective 2023-05-24).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association, as trustee
Value: $1.4 billion
Effective: 2023-05-24

Exact text from the filing

The Notes are governed by the Indenture, dated as of May 24, 2023 (the "Indenture"), among the Company, certain of the Company's subsidiaries (the "Guarantors") and U.S. Bank Trust Company, National Association, as trustee.

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10 debt financings filed in the last 30 days. Browse all debt financings →

LKQ CORP filing history →

Source: SEC EDGAR

accession 0001065696-23-000054

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