Published on 5/27/2015 in the Prospect News High Yield Daily.
New Issue: Europcar prices €475 million 5¾% seven-year notes to yield 5 7/8%
By Paul A. Harris
Portland, Ore., May 27 – Europcar Groupe SA priced a €475 million issue 5¾% seven-year notes (B3/CCC+) at 99.289 to yield 5 7/8% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk in the 6% area.
Joint global coordinator and physical bookrunner Deutsche Bank will bill and deliver. Credit Agricole CIB is also a joint global coordinator and physical bookrunner. BNP Paribas is a joint global coordinator and joint bookrunner.
Goldman Sachs, HSBC, Lloyds, Royal Bank of Scotland and SG CIB are joint bookrunners.
The Paris-based car rental arm of Volkswagen plans to use the proceeds from the Rule 144A and Regulation S offering to refinance €400 million of its existing senior subordinated notes and for general corporate purposes.
Issuer: | Europcar Groupe SA
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Amount: | €475 million
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Maturity: | June 15, 2022
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Securities: | Senior notes
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Global coordinators: | Deutsche Bank (bill and deliver), Credit Agricole CIB, BNP Paribas
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Physical bookrunners: | Deutsche Bank, Credit Agricole CIB
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Joint bookrunners: | BNP Paribas, Goldman Sachs, HSBC, Lloyds, Royal Bank of Scotland, SG CIB
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Coupon: | 5¾%
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Price: | 99.289
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Yield: | 5 7/8%
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Call protection: | Three years
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Trade date: | May 27
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Settlement date: | June 10
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Ratings: | Moody's: B3
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| Standard & Poor's: CCC+
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Distribution: | Rule 144A and Regulation S
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Price talk: | 6% area
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Marketing: | Roadshow
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