Europcar to price €255 million two-part add-on to notes Friday

By Paul A. Harris

St. Louis, May 2 - Europcar Group, the car rental arm of Volkswagen, is in the market with €255 million of add-ons to two issues that were priced a year ago, according to a market source.

The Paris-based company plans to do a €130 million add-on to its three-month Euribor plus 350 basis points senior subordinated secured floating-rate notes due May 15, 2013 (existing ratings B1/B), which are callable on May 15, 2007 at 102. A €300 million issue priced at par on May 9, 2006.

In addition Europcar plans to do a €125 million add-on to its 8 1/8% senior subordinated unsecured fixed-rate notes due May 15, 2014 (existing ratings B2/B), which are callable on May 15, 2010 at 104.063. A €250 million issue priced at par on May 9, 2006.

Pricing is expected on Friday.

Deutsche Bank is leading the deal, proceeds from which will be used to refinance the company's bridge loan.

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