White & Case Advises on Europcar’s Simultaneous Dual High Yield Notes Offering
Global law firm White & Case LLP has advised Deutsche Bank, Crédit Agricole CIB and Bank of America Merrill Lynch, as Global Coordinators and Joint Bookrunners, on the offering of €600 million 4.125% Senior Notes due 2024 by Europcar Drive D.A.C, and BNP Paribas and HSBC, as Global Coordinators and Joint Bookrunners, on the offering of €350 million 2.375% Senior Secured Notes due 2022 by EC Finance plc.
The notes, issued on November 2, 2017, were offered and sold in accordance with Rule 144A and Regulation S under the US Securities Act of 1933, and are listed on the Luxembourg Stock Exchange.
A portion of the gross proceeds from the €600 million issuance of Senior Notes was deposited into an escrow account and will be released upon the satisfaction of certain conditions, including the completion of Europcar's acquisition of Goldcar. If the Goldcar acquisition does not close, a portion of the Senior Notes will be subject to a special mandatory redemption. The remainder of the gross proceeds from the issuance of the Senior Notes was used principally to repay drawings made under Europcar’s senior revolving credit facility that were used to finance Europcar’s acquisition of Buchbinder.
The gross proceeds from the €350 million issuance of Senior Secured Notes were used to redeem EC Finance plc’s €350 million 5.125% Senior Secured Notes due 2021.
In July White & Case, led by partner Denise Diallo with support from associates Lycia Alderin and Laure Elbaze, also represented the Mandated Lead Arrangers on a €1.04 billion bridge facility and €500 million revolving credit facility in connection with the refinancing of Europcar’s debt and its acquisition of Goldcar.
The White & Case team that advised on the notes offerings was led by partner Colin Chang (Paris) and included partners Denise Diallo, Philippe Herbelin (both Paris), Lee Cullinane (London), Juan Manuel de Remedios (Madrid), Iacopo Canino (Milan) and Florian Degenhardt (Hamburg), local partners Florian Ziegler (Frankfurt) and Matthias Grigoleit (Hamburg), and associates Monica Holden, Anna Soroka, Luiza Salata, Marc Naidoo, Rizwan Latif (all London), Lycia Alderin, Isabelle Touré-Farah, Ryan Sykora, Guillaume Monnier (all Paris), Julio Peralta, Elisabeta Perez-Arda (both Madrid), Alexia Mordacq and Valerio Di Mascio (both Milan).
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