By Paul A. Harris
Portland, Ore., June 1 – Europcar Groupe SA priced a €125 million add-on to its 5¾% senior notes June 15, 2022 (B3/B-) at 104.5 on Wednesday, according to a market source.
The yield to worst is 4.514%. The yield to maturity is 4.879%.
The reoffer price came at the rich end of the 104.25 to 104.5 price talk.
Joint bookrunner Deutsche Bank will bill and deliver. HSBC and SG were also joint bookrunners.
Proceeds will be used primarily to fund the Paris-based car rental company’s acquisition program focused on bolt-ons, franchisees and new mobility services, as well as for general corporate purposes.
The original €475 million issue priced at 99.289 to yield 5 7/8% in May 2015.
The add-on notes will become fungible with the original notes.
Europcar is the car rental arm of Volkswagen.
| Issuer: | Europcar Groupe SA
|
| Amount: | €125 million
|
| Maturity: | June 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), HSBC, SG
|
| Coupon: | 5¾%
|
| Price: | 104.5
|
| Yield to worst: | 4.514%
|
| Yield to maturity: | 4.879%
|
| Spread: | 518 bps
|
| First call date: | June 15, 2018
|
| Trade date: | June 1
|
| Settlement date: | June 6
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 104.25 to 104.5
|
| Original issue: | €475 million priced at 99.289 to yield 5 7/8% in May 2015
|
| Fungibility: | Add-on notes will become fungible with the original notes
|
| Total issue size: | €600 million
|
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