By Aleesia Forni
Virginia Beach, Nov. 2 – ERAC USA Finance LLC priced an upsized $800 million of senior notes (Baa1/BBB) due 2025 on Monday at Treasuries plus 165 basis points, a market source said.
The deal was upsized from $500 million.
Bookrunners for the Rule 144A and Regulation S deal were BofA Merrill Lynch, Mizuho Securities and Wells Fargo Securities LLC.
Pricing was at the tight end of guidance.
The financing subsidiary of Enterprise Rent-A-Car Co. is based in St. Louis.
| Issuer: | ERAC USA Finance LLC
|
| Amount: | $800 million, upsized from $500 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 1, 2025
|
| Bookrunners: | BofA Merrill Lynch, Mizuho Securities, Wells Fargo Securities LLC
|
| Coupon: | 3.8%
|
| Spread: | Treasuries plus 165 bps
|
| Trade date: | Nov. 2
|
| Settlement date: | Nov. 9
|
| Price guidance: | Treasuries plus 170 bps area
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB
|
| Distribution: | Rule 144A, Regulation S
|
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