Europcar starts roadshow for €450 million seven-year notes offering

By Paul A. Harris

Portland, Ore., April 15 – Europcar Mobility Group began a roadshow on Monday for a €450 million offering of seven-year senior notes (expected ratings B3/B), according to market sources.

The roadshow wraps up on Wednesday, and the notes are set to price thereafter.

Joint global coordinator BNP Paribas is the physical bookrunner.

BofA Merrill Lynch, Credit Agricole CIB and HSBC are joint global coordinators.

CM-CIC, Deutsche Bank, Goldman Sachs, ING, Natixis, NatWest Investments and SG CIB are joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon and feature a 101% poison put.

The Paris-based vehicle rental services provider plans to use the proceeds, along with a €150 million draw on its revolving credit facility, to refinance part or all of its €600 million 5¾% notes due 2022 that are outstanding.

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