New Issue: Europcar sells €150 million tap of 2 3/8% secured notes due 2022 at 99

By Paul A. Harris

Portland, Ore., June 15 – Europcar priced a €150 million add-on to the EC Finance plc 2 3/8% senior secured notes due Nov. 15, 2022 (B1/BB-) at 99.0001 to yield 2.6178% in a quick-to-market Friday trade, according to a market source.

The reoffer price came on top of price talk.

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

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.

Issuer:	EC Finance plc
Amount:	€150 million
Maturity:	Nov. 15, 2022
Security description:	Add-on to 2 3/8% senior secured notes due Nov. 15, 2022
Global coordinators:	BNP Paribas (bill and deliver), Credit Agricole CIB, HSBC
Coupon:	2 3/8%
Price:	99.0001
Yield to maturity:	2.6178%
Spread:	294 bps
First call:	Make-whole call at Bunds plus 50 bps until Nov. 15, 2019, then callable at 101.188
Equity clawback:	40% at 102.375 until Nov. 15, 2019
Trade date:	June 15
Settlement date:	June 29
Ratings:	Moody's: B1
	S&P: BB-
Distribution:	Rule 144A and Regulation S
Price talk:	99
Marketing:	Quick to market
Original issue:	€350 million priced at par on Oct. 18, 2017
Fungibility:	Add-on notes will become fungible with the existing notes
Total issue size:	€500 million

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