By Marisa Wong and Cristal Cody
Los Angeles, Feb. 6 – ERAC USA Finance LLC priced $1.5 billion of notes in two parts on Monday, according to a market source.
The company priced $750 million of 5% notes due Feb. 15, 2029 at Treasuries plus 90 basis points and $750 million of 5.2% notes due Oct. 30, 2034 at Treasuries plus 105 bps.
Initial price talk was in the Treasuries plus 115 bps area for the 2029 notes and Treasuries plus 130 bps area for the 2034 notes.
BofA Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.
ERAC USA Finance LLC is a wholly owned finance subsidiary of Enterprise Holdings, Inc. The car rental company is based in St. Louis.
| Issuer: | ERAC USA Finance LLC
|
| Amount: | $1.5 billion
|
| Issue: | Notes
|
| Bookrunners: | BofA Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Pricing date: | Feb. 5
|
|
|
| 2029 notes
|
| Amount: | $750 million
|
| Maturity: | Feb. 15, 2029
|
| Coupon: | 5%
|
| Spread: | Treasuries plus 90 bps
|
| Initial price talk: | Treasuries plus 115 bps area
|
|
|
| 2034 notes
|
| Amount: | $750 million
|
| Maturity: | Oct. 30, 2034
|
| Coupon: | 5.2%
|
| Spread: | Treasuries plus 105 bps
|
| Initial price talk: | Treasuries plus 130 bps area
|
|
|
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