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LeasePlan offers €1.55 billion equivalent notes in three parts; pricing expected this week
By Paul A. Harris
Portland, Ore., March 9 – Vehicle leasing company LeasePlan Corp. NV returned to the market with a €1.55 billion equivalent three-part offering of senior secured notes (B1/BB+/BB-) on Wednesday, according to sources.
Pricing is expected before the end of the present week.
The offer was postponed last month at the height of volatility in the global capital markets.
As reported, the Rule 144A and Regulation S deal includes euro-denominated five-year notes talked to yield 7½% to 7¾% and dollar-denominated five-year notes talked to yield in the 8¼% area. The five year notes in both tranches come with two years of call protection.
LeasePlan is also selling euro-denominated seven-year notes, which come with three years of call protection, talked to yield 8% to 8¼%.
A healthier high yield market could see the deal come tighter, sources say.
Joint bookrunner JPMorgan will bill and deliver. Goldman Sachs International, Credit Suisse and ING are also joint bookrunners.
Proceeds will be used to fund the buyout of the Flevoland, Netherlands-based company by a consortium of investors.
The issuing entity will be special purpose vehicle Lincoln Finance Ltd.
LeasePlan announced in a Feb. 1 news release that the European Central Bank issued a Declaration of No Objection for the acquisition of LeasePlan by a consortium of investors from Global Mobility Holding BV, a joint venture between Volkswagen and Fleet Investments BV.
The consortium of investors includes Dutch pension fund PGGM, Danish pension fund ATP, investment firm GIC, the Abu Dhabi Investment Authority and TDR Capital.
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