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LeasePlan ratchets down price talk on restructured €1.55 billion secured notes offering
By Paul A. Harris
Portland, Ore., March 10 – Vehicle leasing company LeasePlan Corp. NV released tranche sizes and battened down price talk on its restructured €1.55 billion equivalent two-part offering of five-year senior secured notes (B1/BB+/BB-) on Thursday, according to sources.
A €1.25 billion tranche is talked to yield in the 7% area, reduced from earlier yield talk of 7½% to 7¾%.
A $400 million tranche is talked in the 7½% area, again reduced from earlier talk in the 8¼% area.
A proposed tranche of euro-denominated seven-year notes has been abandoned.
Prior to the entire deal being pulled on Feb. 11, due to market conditions, that longer maturity euro-denominated tranche had been talked at 8% to 8¼%.
Books were set to close shortly after news of the revised talk circulated in the market, and the Rule 144A and Regulation S deal is expected to price Thursday.
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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