Europcar withdraws minimum €150 million 3% sustainability-linked mirror notes from market

By Paul A. Harris

Portland, Ore., May 9 – Europcar Mobility Group withdrew its €150 million minimum offering of mirror notes due to market conditions, sources say.

The deal commanded strong investor interest; however, market conditions deteriorated significantly while the roadshow for the deal was underway, according to a London-based buyside source.

The offer, mirroring the EC Financing plc 3% sustainability-linked senior notes due Oct. 15, 2026, was announced in a company press release last week.

In that release Europcar disclosed that it might grow the deal to as much as €200 million.

BNP Paribas was leading the notes offering.

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

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