LONDON, Sept 25 (Reuters) - UK based TI Automotive has extended marketing for its $215 million high-yield bond into next week, a lead manager for the deal said on Wednesday.
Pricing on the 10-year deal, which was expected on Thursday, is now seen on October 1 after an extended roadshow due to scheduling conflicts with a high-yield conference in the U.S.
TI Automotive, which supplies fuel and braking systems for cars and trucks, is based in Oxford and Michigan in the U.S..
Proceeds from the deal, which will be lead-managed by JPMorgan and Schroder Salomon Smith Barney, will be used to refinance existing debt.
Credit rating agency Standard & Poor's assigned a B rating, to the proposed bonds, to be launched via TI Automotive Finance Plc., while Moody's Investors Service rated the notes B3.
Roadshows for a 175 million sterling equivalent bond from British wholesale food distributor Brake Bros will also run on into next week with a stop in the U.S. scheduled for Monday, a banker said. Pricing on that deal is also now expected around October 1.