By Paul A. Harris
Portland, Ore., Sept. 23 – Europcar Mobility Group SA priced a €500 million issue of five-year sustainability-linked senior secured notes (Caa1/CCC+) at par to yield 3% on Thursday, according to a market source.
The yield printed at the tight end of the 3% to 3 1/8% final price talk. Earlier talk was 3¼% to 3½%.
Joint global coordinator BNP Paribas was the bookrunner. Credit Agricole and HSBC were also global coordinators. Joint lead managers were Deutsche Bank, ING, Lloyds, Natixis, RBC and SG.
The notes were sold via EC Finance plc.
Proceeds will be used to pay off the EC Finance 2 3/8% senior secured notes due 2022.
Europcar is a Paris-based vehicle rental services provider.
| Issuer: | EC Finance plc
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| Amount: | €500 million
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| Tenor: | Five years
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| Securities: | Sustainability-linked senior secured notes
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| Bookrunner: | BNP Paribas
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| Global coordinators: | BNP, Credit Agricole and HSBC
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| Joint lead managers: | Deutsche Bank, ING, Lloyds, Natixis, RBC and SG
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| Coupon: | 3%
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| Price: | Par
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| Yield: | 3%
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| Trade date: | Sept. 23
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| Ratings: | Moody's: Caa1
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| S&P: CCC+
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| Price talk: | 3% to 3 1/8%, revised from 3¼% to 3½%
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