Europcar marketing €950 million notes in secured, unsecured tranches

By Paul A. Harris

Portland, Ore., Oct. 16 – Europcar began roadshows on Monday for €950 million of high-yield notes in Rule 144A and Regulation S secured and unsecured tranches, according to market sources.

EC Finance plc (Fleetco) is selling €350 million of five-year senior secured notes (expected ratings B1/BB), which come with two years of call protection. Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver. HSBC is also a joint global coordinator and joint bookrunner. CM-CIC, Credit Agricole CIB, Deutsche Bank, ING and SG CIB are also joint bookrunners.

Proceeds of the tranche will be used to refinance €350 million of EC Finance notes due 2021.

Europcar Drive DAC (EGSA) is selling €600 million of seven-year senior unsecured notes (expected ratings B3/B-). Joint global coordinator and joint bookrunner Deutsche Bank will bill and deliver for the unsecured notes. Credit Agricole and BofA Merrill Lynch are also joint global coordinators and joint bookrunners. BNP Paribas, Goldman Sachs, HSBC, Lloyds, Natixis and NatWest are also joint bookrunners.

Proceeds will be used to finance the acquisition of smart car rental company Goldcar.

The roadshows for both tranches wrap up on Wednesday.

Europcar is a Paris-based vehicle rental company.

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