Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a Rule 144A/Regulation S offering by Advance Auto Parts, Inc. (“Advance”) of $1.95 billion aggregate principal amount of its senior notes, consisting of $975 million aggregate principal amount of 7.000% Senior Notes due 2030 and $975 million aggregate principal amount of 7.375% Senior Notes due 2033. Advance intends to use a portion of the net proceeds from the offering to redeem all of its outstanding 5.90% Senior Notes due 2026 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 Advance’s new asset-based loan revolving credit facility in an initial amount not to exceed $2.5 billion.
Advance 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. Advance also served 881 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands.
The Simpson Thacher team included David Azarkh, John O’Connell, Evan Zuckerman, Charlotte Cao, Yuki Zhang and Cara Capoccitti (Capital Markets); Jonathan Cantor and Jemma Li (Tax); Corina Holland (Intellectual Property & Privacy); Jeanne M. Annarumma (Executive Compensation); Michael R. Isby (Environmental); and Jennie Getsin (FINRA).