New Issue: Europcar sells €400 million 9 3/8% notes due April 2018 at par

By Paul A. Harris

St. Louis, Nov. 18 - Europcar Groupe SA priced a €400 million issue of senior subordinated notes due April 15, 2018 (Caa1/B-) at par to yield 9 3/8% on Thursday, according to an informed source.

The yield printed in the middle of the 9¼% to 9½% price talk.

Deutsche Bank, Credit Agricole CIB, the Royal Bank of Scotland and SG CIB were the joint bookrunners.

The Saint Quentin en Yvelines, France-based car rental company will use the proceeds to redeem in full its €375 million of fixed-rate notes due 2014.

Issuer:	Europcar Groupe SA
Amount:	€400 million
Maturity:	April 15, 2018
Securities:	Senior subordinated notes
Bookrunners:	Deutsche Bank, Credit Agricole CIB, the Royal Bank of Scotland, SG CIB
Co-manager:	Natixis Bleichroeder
Coupon:	9 3/8%
Price:	Par
Yield:	9 3/8%
Spread:	691 bps
Call protection:	Callable on Nov. 15, 2013 at 107.031, 104.688, 102.344, par on and after Nov. 15, 2016
Equity clawback:	40% until Nov. 15, 2013
Trade date:	Nov. 18
Settlement date:	Nov. 26
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	9¼% to 9½%
Marketing:	Brief roadshow

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