Europcar sets Wednesday investor call for €350 million offering of seven-year secured notes

By Paul A. Harris

Portland, Ore., July 15 – Europcar Group SA plans to participate in an investor conference call at 5:30 a.m. ET on Wednesday to discuss a €350 million offering of seven-year senior secured notes (B3/expected B), according to a market source.

The Rule 144A and Regulation S for life deal is expected to price Thursday.

Joint global coordinator JPMorgan will bill and deliver. Deutsche Bank is also a joint global coordinator. BNP Paribas, CM-CIC, Credit Agricole CIB, Goldman Sachs International and SG CIB are bookrunners.

The notes come with 2.5 years of call protection.

Proceeds, together with funds provided by Europcar International SASU, will be used to redeem €350 million of 9¾% senior secured notes due 2017 at 104.875.

The issuing entity will be special purpose vehicle EC Finance plc.

In a Tuesday announcement Europcar stated that it expects to take advantage of current favorable market conditions to reduce its fleet financing costs.

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