By Paul A. Harris
Portland, Ore., April 18 – Europcar Mobility Group priced a €450 million issue of seven-year senior notes (B3/B) at par to yield 4% on Wednesday, according to market sources.
Original price talk was in the 4 3/8% area.
The notes were trading at par bid, par ¼ offered on Thursday morning, a market source said.
Joint global coordinator BNP Paribas was the physical bookrunner.
BofA Merrill Lynch, Credit Agricole CIB and HSBC are joint global coordinators.
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.
In connection with the deal, Europcar obtained consents for a €150 million increase in its senior revolving credit facility from its lenders, increasing the size of the revolver to €650 million from €500 million.
| Issuer: | Europcar Mobility Group SA
|
| Amount: | €450 million
|
| Maturity: | April 30, 2026
|
| Securities: | Senior notes
|
| Physical bookrunner: | BNP Paribas
|
| Global coordinators: | BNP, BofA Merrill Lynch, Credit Agricole CIB and HSBC
|
| Joint bookrunners: | CM-CIC, Deutsche Bank, Goldman Sachs, ING, Natixis and SG
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Spread: | Bunds plus 423 bps
|
| First call: | Make-whole call at Bunds plus 50 bps until April 30, 2022, then callable at 102
|
| Equity clawback: | 40% at 104 until April 30, 2022
|
| Trade date: | April 17
|
| Settlement date: | April 24
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 3/8% area
|
| Marketing: | Roadshow
|
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