Europcar talks €335 million five-year secured notes to yield 12¼%-12½% at a discount

By Paul A. Harris

Portland, Ore., May 2 - Europcar Groupe SA talked its €335 million offering of five-year senior subordinated secured notes (Caa1/B-) to yield 12¼% to 12½% and to price with 3 to 5 points of original issue discount, a syndicate source said on Wednesday.

The deal is set to price on Thursday.

Joint bookrunner Deutsche Bank AG will bill and deliver. Credit Agricole CIB, Goldman Sachs International, JPMorgan, SG CIB and Royal Bank of Scotland are joint lead managers.

BNP Paribas and Lloyds TSB are bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The Saint Quentin en Yvelines, France-based car rental company plans to use the proceeds to refinance debt.

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