Europcar seeks cost cuts with €450m refi

Car_hire
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 ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial