Published on 11/18/2010 in the Prospect News High Yield Daily.
New Issue: Europcar sells €400 million 9 3/8% notes due April 2018 at par
By Paul A. Harris
St. Louis, Nov. 18 - Europcar Groupe SA priced a €400 million issue of senior subordinated notes due April 15, 2018 (Caa1/B-) at par to yield 9 3/8% on Thursday, according to an informed source.
The yield printed in the middle of the 9¼% to 9½% price talk.
Deutsche Bank, Credit Agricole CIB, the Royal Bank of Scotland and SG CIB were the joint bookrunners.
The Saint Quentin en Yvelines, France-based car rental company will use the proceeds to redeem in full its €375 million of fixed-rate notes due 2014.
Issuer: | Europcar Groupe SA
|
Amount: | €400 million
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Maturity: | April 15, 2018
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Securities: | Senior subordinated notes
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Bookrunners: | Deutsche Bank, Credit Agricole CIB, the Royal Bank of Scotland, SG CIB
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Co-manager: | Natixis Bleichroeder
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Coupon: | 9 3/8%
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Price: | Par
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Yield: | 9 3/8%
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Spread: | 691 bps
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Call protection: | Callable on Nov. 15, 2013 at 107.031, 104.688, 102.344, par on and after Nov. 15, 2016
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Equity clawback: | 40% until Nov. 15, 2013
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Trade date: | Nov. 18
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Settlement date: | Nov. 26
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Ratings: | Moody's: Caa1
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| Standard & Poor's: B-
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 9¼% to 9½%
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Marketing: | Brief roadshow
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