By Paul A. Harris
St. Louis, July 14 - Avis Finance Co. plc priced an upsized €250 million issue of non-rated seven-year senior floating-rate notes at par to yield three-month Euribor plus 262.5 basis points on Friday, according to a syndicate source.
The yield came at the tight end of the three-month Euribor plus 275 basis points area price talk.
Barclays Capital, The Royal Bank of Scotland, Dresdner Kleinwort and Societe Generale were joint bookrunners for the Regulation S issue. Fortis Bank was the co-manager.
The issue was upsized from €200 million.
Proceeds, including the additional €50 million, will be used to refinance maturing debt.
The issuer is a car rental company that operates in Europe, Africa, the Middle East and Asia, with headquarters in Bracknell, England.
| Issuer: | Avis Finance Co. plc
|
| Amount: | €250 million (increased from €200 million)
|
| Maturity: | July 31, 2013
|
| Security description: | Senior floating-rate notes
|
| Bookrunners: | Barclays Capital, The Royal Bank of Scotland, Dresdner Kleinwort, Societe Generale
|
| Co-manager: | Fortis Bank
|
| Coupon: | Three-month Euribor plus 262.5 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 262.5 bps
|
| Call protection: | Non-callable for two years, then callable at 102, 101, par
|
| Trade date: | July 14
|
| Settlement date: | July 21
|
| Ratings: | Non-rated
|
| Distribution: | Regulation S
|
| Price talk: | Three-month Euribor plus 275 bps area
|
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