Europcar talks €450 million seven-year notes at 4 3/8% area yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., April 16 – Europcar Mobility Group talked its €450 million offering of seven-year senior notes (B3/B) to yield in the 4 3/8% area, according to a market source.

The Rule 144A and Regulation S offering is set to price on Wednesday.

Joint global coordinator BNP Paribas is the physical bookrunner.

BofA Merrill Lynch, Credit Agricole CIB and HSBC are joint global coordinators.

CM-CIC, Deutsche Bank, Goldman Sachs, ING, Natixis, NatWest Investments and SG CIB are joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a 101% poison put.

The Paris-based vehicle rental services provider plans to use the proceeds, along with a €150 million draw on its revolving credit facility, to refinance part or all of its €600 million 5¾% notes due 2022 that are outstanding.

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