Europcar to sell €100 million add-on to 9¾% notes due 2017 on Tuesday

By Paul A. Harris

Portland, Ore., May 9 - EC Finance plc, a special purpose vehicle of French car rental firm Europcar, plans to price a €100 million add-on to its 9¾% senior secured notes due Aug. 1, 2017 (B2) on Tuesday, according to market sources.

Deutsche Bank AG, Credit Agricole CIB, SG-CIB; Natixis Bleichroeder and Royal Bank of Scotland are the bookrunners.

The notes are callable with a make-whole call at Bunds plus 50 basis points until Aug. 1, 2014 and then become callable at 104.875. The notes feature a 35% equity clawback at 109.75 until Aug. 1, 2013 and a 101% poison put.

Saint Quentin en Yvelines, France-based company plans to use the proceeds to refinance debt and fund fleet purchases.

The original €250 million issue priced at 98.732 to yield 10% in June 2010.

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