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ERAC launches solicitation for $4.13 billion notes from six series
By Jennifer Chiou
New York, April 12 -Enterprise Holdings, Inc. subsidiary ERAC USA Finance LLC announced the start of a consent solicitation for six series of notes amounting to about $4.13 billion.
Affected notes include the following:
• $490 million of 5.9% notes due Nov. 15, 2015 with a consent fee of $2.50 per $1,000 principal amount;
• $243 million of 6.2% notes due Nov. 1, 2016 with a consent fee of $3.50 per $1,000 principal amount;
• $995,765,000 of 6.375% notes due Oct. 15, 2017 with a consent fee of $4.00 per $1,000 principal amount;
• $650 million of 5.25% notes due Oct. 1, 2020 with a consent fee of $4.50 per $1,000 principal amount;
• $500 million of 6.7% notes due June 1, 2034 with a consent fee of $5.00 per $1,000 principal amount; and
• $1.25 billion of 7% notes due Oct. 15, 2037 with a consent fee of $5.00 per $1,000 principal amount.
The company said that the purpose of the solicitation is to make certain changes to the covenants and events of default applicable to all series of notes. The changes also add a provision for an interest rate adjustment in the event of a ratings downgrade and a provision for a par put upon a change of control of Enterprise Holdings.
ERAC is seeking consents from holders of a majority of each series.
The solicitation will end at 5 p.m. ET on April 23.
J.P. Morgan Securities LLC (866 834-4666 or 212 834-4811) and RBS Securities Inc. (877 297-9832 or 203 897-4825) are the solicitation agents. D.F. King & Co., Inc. is the information and tabulation agent (212 269-5550 or 800 829-6551).
Clayton, Mo.-based Enterprise Holdings is the corporate parent of Enterprise Rent-A-Car, Alamo Car Rent A Car, National Car Rental and WeCar.
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