New Issue: Europcar sells €250 million 9¾% seven-year notes at 98.732 to yield 10%

By Paul A. Harris

St. Louis, June 25 - EC Finance plc, a financing unit of Europcar International S.A.S.U., priced a €250 million issue of 9¾% seven-year senior secured notes (B2/B+/) at 98.732 to yield 10% on Friday, according to an informed source.

The yield printed at the wide end of the 9¾% to 10% price talk.

JPMorgan and Deutsche Bank Securities were the physical bookrunners. Credit Agricole CIB and SG CIB were the joint bookrunners.

RBS Securities was a co-manager.

Proceeds will be used to repay bank debt.

Europcar is a Saint Quentin en Yvelines, France-based car rental company.

Issuer:	EC Finance plc
Guarantor:	Europcar International S.A.S.U.
Face amount:	€250 million
Proceeds:	€246.83 million
Maturity:	Aug. 1, 2017
Securities:	Senior secured notes
Bookrunners:	JPMorgan, Deutsche Bank Securities (physical books), Credit Agricole CIB, SG CIB (joint books)
Co-manager:	RBS Securities
Coupon:	9¾%
Price:	98.732
Yield:	10%
Spread:	789 bps
Call features:	Make-whole call at Bunds plus 50 bps until Aug. 1, 2014, then callable at 104.875, 102.438, par on and after Aug. 1, 2016
Equity clawback:	35% at 109.75 until Aug. 1, 2013
Change-of-control put:	101%
Trade date:	June 25
Settlement date:	July 2
Ratings:	Moody's: B2
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	9¾% to 10%

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