By Paul A. Harris
Portland, Ore., May 4 - France's Europcar Groupe S.A. priced a downsized, restructured €324 million issue of 11½% five-year senior subordinated secured notes (Caa1/B-) at 91.216 to yield 14% on Friday, according to a market source.
The deal was downsized from €335 million.
The yield printed 150 basis points beyond the wide end of the 12¼% to 12½% yield talk. The reoffer price came 3¾ points below the cheap end of discount talk which had been set at 3 points to 5 points.
Call protection was extended to the life of the bond from previous call protection of three years.
Deutsche Bank AG, Credit Agricole CIB, Goldman Sachs International, JPMorgan, SG CIB and Royal Bank of Scotland were the joint lead managers.
BNP Paribas and Lloyds TSB were bookrunners.
Deutsche Bank will bill and deliver.
The Saint Quentin en Yvelines, France-based car rental company plans to use the proceeds to refinance debt.
| Issuer: | Europcar Groupe SA
|
| Amount: | €324 million, decreased from €335 million
|
| Maturity: | May 15, 2017
|
| Securities: | Senior subordinated secured notes
|
| Joint lead managers: | Deutsche Bank AG (bill and deliver), Credit Agricole CIB, Goldman Sachs International, JPMorgan, SG CIB, Royal Bank of Scotland
|
| Bookrunners: | BNP Paribas, Lloyds TSB
|
| Coupon: | 11½%
|
| Price: | 91.216
|
| Yield: | 14%
|
| Spread: | 1,337 bps
|
| Call protection: | Non-callable (call protection extended from three years)
|
| Trade date: | May 4
|
| Settlement date: | May 14
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 12¼% to 12½% with 3-5 points OID
|
| Marketing: | Roadshow
|
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