By Paul A. Harris
Portland, Ore., April 18 – Europcar Mobility Group priced a €450 million issue of seven-year senior notes (B3/B) at par to yield 4% on Wednesday, according to market sources.
Original price talk was in the 4 3/8% area.
The notes were trading at par bid, par ¼ offered on Thursday morning, a market source said.
Joint global coordinator BNP Paribas was the physical bookrunner.
BofA Merrill Lynch, Credit Agricole CIB and HSBC are joint global coordinators.
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.
In connection with the deal, Europcar obtained consents for a €150 million increase in its senior revolving credit facility from its lenders, increasing the size of the revolver to €650 million from €500 million.
Issuer: | Europcar Mobility Group SA
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Amount: | €450 million
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Maturity: | April 30, 2026
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Securities: | Senior notes
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Physical bookrunner: | BNP Paribas
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Global coordinators: | BNP, BofA Merrill Lynch, Credit Agricole CIB and HSBC
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Joint bookrunners: | CM-CIC, Deutsche Bank, Goldman Sachs, ING, Natixis and SG
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Coupon: | 4%
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Price: | Par
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Yield: | 4%
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Spread: | Bunds plus 423 bps
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First call: | Make-whole call at Bunds plus 50 bps until April 30, 2022, then callable at 102
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Equity clawback: | 40% at 104 until April 30, 2022
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Trade date: | April 17
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Settlement date: | April 24
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Ratings: | Moody's: B3
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| S&P: B
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Distribution: | Rule 144A and Regulation S
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Price talk: | 4 3/8% area
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Marketing: | Roadshow
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