Europcar to sell minimum €150 million 3% sustainability-linked mirror notes due October 2026

By Paul A. Harris

Portland, Ore., May 5 – Europcar Mobility Group plans to place a minimum of €150 million of notes mirroring the EC Financing plc 3% sustainability-linked senior notes due Oct. 15, 2026 (expected ratings B1/B), according to market sources.

The deal could upsize to €200 million, according to a company press release.

BNP Paribas is leading the offering.

The notes are non-callable before Oct. 15, 2023.

Sustainability targets include a reduction of the Europcar fleet's carbon emissions in order to achieve, on average, carbon emissions of 93g CO2/km for cars and 144g CO2/km for trucks by the end of 2024, and an increase in the proportion of green vehicles (emitting less than 50g CO2/km) to 20% of Europcar's total fleet by the end of 2024.

The Paris-based vehicle rental company plans to use the proceeds from the mirror notes plus available liquidity to finance its fleet of vehicles.

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