Published on 6/25/2010 in the Prospect News High Yield Daily.
New Issue: Europcar sells €250 million 9¾% seven-year notes at 98.732 to yield 10%
By Paul A. Harris
St. Louis, June 25 - EC Finance plc, a financing unit of Europcar International S.A.S.U., priced a €250 million issue of 9¾% seven-year senior secured notes (B2/B+/) at 98.732 to yield 10% on Friday, according to an informed source.
The yield printed at the wide end of the 9¾% to 10% price talk.
JPMorgan and Deutsche Bank Securities were the physical bookrunners. Credit Agricole CIB and SG CIB were the joint bookrunners.
RBS Securities was a co-manager.
Proceeds will be used to repay bank debt.
Europcar is a Saint Quentin en Yvelines, France-based car rental company.
Issuer: | EC Finance plc
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Guarantor: | Europcar International S.A.S.U.
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Face amount: | €250 million
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Proceeds: | €246.83 million
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Maturity: | Aug. 1, 2017
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Securities: | Senior secured notes
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Bookrunners: | JPMorgan, Deutsche Bank Securities (physical books), Credit Agricole CIB, SG CIB (joint books)
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Co-manager: | RBS Securities
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Coupon: | 9¾%
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Price: | 98.732
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Yield: | 10%
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Spread: | 789 bps
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Call features: | Make-whole call at Bunds plus 50 bps until Aug. 1, 2014, then callable at 104.875, 102.438, par on and after Aug. 1, 2016
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Equity clawback: | 35% at 109.75 until Aug. 1, 2013
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Change-of-control put: | 101%
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Trade date: | June 25
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Settlement date: | July 2
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Ratings: | Moody's: B2
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| Standard & Poor's: B+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 9¾% to 10%
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