Published on 5/27/2015 in the Prospect News High Yield Daily.
New Issue: Europcar prices €475 million 5¾% seven-year notes to yield 5 7/8%
By Paul A. Harris
Portland, Ore., May 27 – Europcar Groupe SA priced a €475 million issue 5¾% seven-year notes (B3/CCC+) at 99.289 to yield 5 7/8% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk in the 6% area.
Joint global coordinator and physical bookrunner Deutsche Bank will bill and deliver. Credit Agricole CIB is also a joint global coordinator and physical bookrunner. BNP Paribas is a joint global coordinator and joint bookrunner.
Goldman Sachs, HSBC, Lloyds, Royal Bank of Scotland and SG CIB are joint bookrunners.
The Paris-based car rental arm of Volkswagen plans to use the proceeds from the Rule 144A and Regulation S offering to refinance €400 million of its existing senior subordinated notes and for general corporate purposes.
| Issuer: | Europcar Groupe SA
|
| Amount: | €475 million
|
| Maturity: | June 15, 2022
|
| Securities: | Senior notes
|
| Global coordinators: | Deutsche Bank (bill and deliver), Credit Agricole CIB, BNP Paribas
|
| Physical bookrunners: | Deutsche Bank, Credit Agricole CIB
|
| Joint bookrunners: | BNP Paribas, Goldman Sachs, HSBC, Lloyds, Royal Bank of Scotland, SG CIB
|
| Coupon: | 5¾%
|
| Price: | 99.289
|
| Yield: | 5 7/8%
|
| Call protection: | Three years
|
| Trade date: | May 27
|
| Settlement date: | June 10
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% area
|
| Marketing: | Roadshow
|
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