Eurazeo's Europcar turns to high-yield for refinancing

The yield was set at 11.5%. Europcar was initally looking to raise €335m, in order to refinance the €425m debt line maturing in 2013.

Deutsche Bank is understood to have acted as lead on the deal, while Credit Agricole, Goldman Sachs, JP Morgan, Société Générale and RBS were acting as joint bookrunners. BNP Paribas and Lloyds were reportedly joint leads.

Europcar shareholders, including Eurazeo, injected an extra €110m into the company's balance sheet, to be later converted to equity.

In addition to the bond offering, Europcar negotiated to extend the maturity on its senior revolving credit facility. Following these transactions, the new corporate debt maturities were pushed to 2017 and 2018. Overall full-year financial expense was reduced by €34m and corporate debt was reduced below 3.9x EBITDA, adjusted proforma, according to Eurazeo.

Eurazeo acquired Europcar for €3.08bn from Volkswagen AG in 2006. It currently holds 85% of the company.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• France
• Financing
• Consumer
• Refinancing
• Eurazeo