Europcar seeks cost cuts with €450m refi

By Owen Sanderson
15 Apr 2019

Europcar has launched a €450m high yield bond to refinance its 2022s and likely cut coupon costs, as yields have come down for senior unsecured debt amid a dearth of bond supply.

The new issue, a seven year non-call three, refinances the company’s existing €600m 5.75% 2022 notes, alongside €150m of drawings under its new revolving credit facility.

BNP Paribas is the sole physical bookrunner, joined by Bank of America, Crédit Agricole and HSBC as global coordinators, and ...

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