Published on 10/18/2017 in the Prospect News High Yield Daily.
New Issue: Europcar prices €950 million notes in secured and unsecured tranches
By Paul A. Harris
Portland, Ore., Oct. 18 – Europcar priced €950 million of high-yield notes in secured and unsecured tranches on Wednesday, according to market sources.
EC Finance plc (Fleetco) priced €350 million of five-year senior secured notes (B1/BB) at par to yield 2 3/8%. The yield printed 50 basis points inside of yield talk in the 2¾% area. Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver. HSBC is also a joint global coordinator and joint bookrunner.
Proceeds of the tranche will be used to refinance €350 million of EC Finance notes due 2021.
Europcar Drive DAC (EGSA) priced €600 million of seven-year senior unsecured notes (B3/B-) at par to yield 4 1/8%. The yield printed 12.5 bps inside of the 4¼% to 4½% yield talk. 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.
Proceeds will be used to finance the acquisition of smart car rental company Goldcar.
Europcar is a Paris-based vehicle rental company.
| Company: | Europcar
|
| Amount: | €950 million
|
| Trade date: | Oct. 18
|
| Settlement date: | Nov. 2
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Senior secured notes
|
| Issuer: | EC Finance plc
|
| Amount: | €350 million
|
| Maturity: | Nov. 15, 2022
|
| Joint global coordinators: | BNP Paribas (bill and deliver), HSBC
|
| Joint bookrunners: | BNP Paribas, HSBC, CM-CIC, Credit Agricole, Deutsche Bank, ING, SG
|
| Coupon: | 2 3/8%
|
| Price: | Par
|
| Yield: | 2 3/8%
|
| Call protection: | Two years
|
| Ratings: | Moody's: B1
|
| S&P: BB
|
| Price talk: | 2¾% area
|
|
|
| Senior unsecured notes
|
| Issuer: | Europcar Drive DAC
|
| Amount: | €600 million
|
| Maturity: | Nov. 15, 2024
|
| Global coordinators: | Deutsche Bank (bill and deliver), Credit Agricole, BofA Merrill Lynch
|
| Joint bookrunners: | Deutsche Bank, Credit Agricole, BofA Merrill Lynch, BNP Paribas, Goldman Sachs, HSBC, Lloyds, Natixis, NatWest
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Call protection: | Three years
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Price talk: | 4¼% to 4½%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
