03:43 PM EDT, 09/10/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) and Bank of America ( BAC ) are among the investment bankers tapped to help out with upcoming debt offerings by UK auto parts supplier Belron totalling over 8 billion euros ($8.82 billion), Bloomberg said Tuesday, citing people familiar with the matter.

Francis Deprez, chief executive of Belron majority owner D'Ieteren Group, told analysts on Monday that Belron wants to refinance the 4.53 billion euros of debt now on its books, according to a Capital IQ transcript of the conference call. Belron also plans to issue around 3.8 billion in new debt, he said, which together with available cash will be used to fund a 4.3 billion euro extraordinary dividend to shareholders.

With a 50.3% ownership stake in Belron, D'Ieteren will receive nearly 2.2 billion euros through the upcoming distribution, Deprez said, according to the transcript.

Representatives at Belron and the D'Ieteren Group, Bank of America ( BAC ) and JPMorgan ( JPM ) did not immediately respond to messages from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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