Europcar sets price talk for €225 million two-part add-on

By Paul A. Harris

St. Louis, May 3 - Europcar Group has set price talk for its €255 million two-part notes add-on, which it expects to price on Friday, according to an informed source.

The company talked a €130 million add-on to its three-month Euribor plus 350 basis points senior subordinated secured floating-rate notes due May 15, 2013 (B1/B+) at 102 to 102.25. The notes are callable after May 15, 2007 at 102. The original €300 million priced at par on May 9, 2006.

Meanwhile Europcar talked a €125 million add-on to its 8 1/8% senior subordinated unsecured fixed-rate notes due May 15, 2014 (B2/B) at 106.125 to 106.375. The notes are callable on May 15, 2010 at 104.063. The original €250 million issue priced at par on May 9, 2006.

Deutsche Bank is leading the deal, proceeds from which will be used to refinance the company's bridge loan.

The issuer is the Paris-based car rental arm of Volkswagen.

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