By Paul A. Harris
St. Louis, May 4 - Europcar Group raised slightly less than €266 million by tapping two existing note issues on Friday, according to an informed source.
The company priced a €130 million add-on to its three-month Euribor plus 350 bps senior subordinated secured floating-rate notes due May 15, 2013 (B1/B+) at 102.25, on the tight end of the 102 to 102.25 price talk.
The sale generated €132.925 million of proceeds.
The original €300 million issue priced at par on May 9, 2006.
Friday's transaction left the total issue size at €430 million.
Europcar also prices a €125 million add-on to 8 1/8% senior subordinated unsecured fixed-rate notes due May 15, 2014 (B2/B) at 106.375 to yield 6.61%. The fixed-rate notes also priced at the tight end of the 106.125 to 106.375 price talk.
The sale of the fixed-rate notes generated €132.969 million of proceeds.
The original €250 million issue priced at par on May 9, 2006. Friday's addition left the total size of the fixed-rate notes issue at €375 million.
The overall face amount of Friday's two-part add-on was €255 million.
Deutsche Bank ran the books.
Proceeds will be used to refinance the company's bridge loan.
The issuer is the Paris-based car rental arm of Volkswagen.
| Issuer: | Europcar Group
|
| Face amount: | €255 million
|
| Proceeds: | €266 million (approximate)
|
| Bookrunner: | Deutsche Bank Securities
|
| Trade date: | May 4
|
| Settlement date: | May 10
|
|
|
| Floating-rate tranche
|
| Face amount: | €130 million
|
| Proceeds: | €132.925 million
|
| Maturity: | May 15, 2013
|
| Security description: | Add-on to senior subordinated secured floating-rate notes
|
| Coupon: | Three-month Euribor plus 350 bps
|
| Price: | 102.25
|
| Call features: | Callable after May 15, 2007 at 102, 101, par on and after May 15, 2009
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Price talk: | 102 to 102.25
|
| Original issue: | €300 million priced at par on May 9, 2006
|
| Total issue size: | €430 million
|
|
|
| Fixed-rate tranche
|
| Face amount: | €125 million
|
| Proceeds: | €132.969 million (approximate)
|
| Maturity: | May 15, 2014
|
| Security description: | Add-on to 8 1/8% senior subordinated unsecured fixed-rate notes
|
| Coupon: | 8 1/8%
|
| Price: | 106.375
|
| Yield: | 6.61%
|
| Call features: | Callable on and after May 15, 2010 at 104.063, 102.031, par on and after May 15, 2012
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 106.125 to 106.375
|
| Original issue: | €250 million priced at par on May 9, 2006
|
| Total issue size: | €375 million
|
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