Europcar talks €150 million tap of 2 3/8% notes due 2022 at 99; pricing Friday

By Paul A. Harris

Portland, Ore., June 15 – Europcar talked a €150 million add-on to the EC Finance plc 2 3/8% senior secured notes due Nov. 15, 2022 (B1/BB-) at 99, according to a market source.

The Rule 144A and Regulation S deal is set to price on Friday.

Global coordinator BNP Paribas will bill and deliver. Credit Agricole CIB and HSBC are also global coordinators.

The notes become callable at 101.188 on Nov. 15, 2019.

The Paris-based vehicle rental company plans to use the proceeds, together with a draw on its senior asset revolving facility and cash on hand, to refinance the existing Goldcar asset-backed bridge facility.

The original €350 million issue priced at par on Oct. 18, 2017.

The add-on notes will become fungible with the existing notes.

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