New Issue: Europcar prices €100 million tap of 9¾% notes due 2017 at 109.75 to yield 7.74%

By Paul A. Harris

Portland, Ore., May 10 - Europcar Finance plc priced a €100 million fungible add-on to its 9¾% senior secured notes due Aug. 1, 2017 (B2) at 109.75 to yield 7.74% on Tuesday, according to an informed source.

The reoffer price came in the middle of the 109.5 to 110 price talk.

Deutsche Bank AG, Credit Agricole CIB, Natixis Bleichroeder, Royal Bank of Scotland and SG CIB were the joint bookrunners for the quick-to-market deal.

Deutsche Bank will bill and deliver.

The Saint Quentin en Yvelines, France-based car rental 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.

Issuer:	EC Finance plc (Europcar)
Face amount:	€100 million
Proceeds:	€109.75 million
Maturity:	Aug. 1, 2017
Security description:	Fungible add-on to 9¾% senior secured notes
Bookrunners:	Deutsche Bank AG (bill and deliver), Credit Agricole CIB, Natixis Bleichroeder, Royal Bank of Scotland, SG CIB
Coupon:	9¾%
Price:	109.75
Yield:	7.74%
Spread:	506 bps
Call features:	Callable Aug. 1, 2014 at 104.875, 102.438, par on and after Aug. 1, 2016
Equity clawback:	35% at 109.75 until Aug. 1, 2013
Trade date:	May 10
Settlement date:	May 13 with accrued interest
Rating:	Moody's: B2
Distribution:	Rule 144A and Regulation S for life
Price talk:	109.5 to 110
Marketing:	Quick to market
Original issue:	€250 million priced at 98.732 to yield 10% in June 2010
Total issue size:	€350 million

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