Europcar talks €500 million two-part note offering

By Paul A. Harris

St. Louis, May 8 - Europcar Amag Services AG issued price talk on its €500 million two-part note offering on Monday, according to a market source.

The Switzerland-based car rental arm of Volkswagen AG is talking its seven-year senior subordinated secured floating-rate notes at Euribor plus 375 to 400 basis points.

Meanwhile the company is talking is eight-year senior subordinated unsecured fixed-rate notes at 8 1/8% to 8 3/8%.

Tranche sizes remain to be determined.

A mid-week pricing is anticipated.

Deutsche Bank Securities has the books for the Rule 144A and Regulation S offering. BNP Paribas, Calyon Securities and Societe Generale are co-managers.

Proceeds will be used to help fund the acquisition of Europcar by private equity firm Eurazeo from Volkswagen for about €3.32 billion.

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