By Paul A. Harris
Portland, Ore., July 17 – Europcar Group SA priced a €350 million issue of seven-year senior secured notes (B3/B) at par to yield 5 1/8% on Thursday, according to a market source.
The yield printed at the tight end of yield talk that had been set in the 5¼% area.
Joint global coordinator JPMorgan will bill and deliver. Deutsche Bank was also a joint global coordinator. BNP Paribas, CM-CIC, Credit Agricole CIB, Goldman Sachs International and SG CIB were bookrunners.
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 for the new bonds is special-purpose vehicle EC Finance plc.
| Issuer: | EC Finance plc (Europcar Group SA)
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| Amount: | €350 million
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| Maturity: | July 15, 2021
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| Securities: | Senior secured notes
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| Joint global coordinators: | JP Morgan (bill and deliver), Deutsche Bank
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| Bookrunners: | BNP Paribas, CM-CIC, Credit Agricole CIB, Goldman Sachs International, SG CIB
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| Coupon: | 5 1/8%
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| Price: | Par
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| Yield: | 5 1/8%
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| Spread: | 450 bps
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| First call: | Jan. 15, 2017 at 103.844
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| Trade date: | July 17
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| Ratings: | Moody’s: B3
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| Standard & Poor’s: B
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 5¼% area
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| Marketing: | Investor call
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