White & Case Advises on Europcar's Simultaneous IPO, High Yield Bond Offering and Revolving Credit Facility
Global law firm White & Case LLP has advised the syndicate of banks led by Deutsche Bank, Goldman Sachs and Société Générale on the initial public offering of Europcar on the regulated market of Euronext Paris, initiated by its principal shareholder, Eurazeo.
The prospectus received the visa from the French financial markets authority (Autorité des marchés financiers) on June 12, 2015 and trading of Europcar's shares on Euronext Paris started on June 26, 2015. Europcar raised approximately €475 million by way of the issuance of new shares while the sale of existing shares by existing shareholders amounted to approximately €404 million, which brings the total amount of the offering to approximately €879 million (which could be increased to €1,011 million if the over-allotment option is exercised in full). Based on an offering price set at €12.25 per share, Europcar's market capitalization amounts to approximately €1.75 billion.
The White & Case team that advised on the initial public offering was led by partners Séverin Robillard and Thomas Le Vert with support from associates Tatiana Uskova, François Carrey and Mathieu Damnon. Partner Colin Chang and counsel Max Turner, with support from associate Tuong-Vi Faber, advised on matters of US law. Partner Alexandre Ippolito, with support from associate Marcus Schmidbauer, advised on tax aspects.
White & Case LLP has also advised Deutsche Bank, Crédit Agricole CIB and BNP Paribas, as Joint Global Coordinators and Joint Bookrunners, and Goldman Sachs International, HSBC, Lloyds Bank, The Royal Bank of Scotland and Société Générale, as Joint Bookrunners, on Europcar's offering of €475 million senior notes due 2022. The notes, issued on June 10, 2015 and priced at 5.75 percent, were offered and sold in accordance with Rule 144A and Regulation S under the US Securities Act of 1933, as amended, and have been admitted for listing on the Official List of the Luxembourg Stock Exchange and for trading on the Euro MTF Market.
The gross proceeds from the issuance of the notes were deposited into an escrow account and were released on June 29, 2015 upon the satisfaction of certain conditions, including the completion of Europcar's initial public offering.
The White & Case team that advised on the bond issue was led by partner Colin Chang and counsel Max Turner with support from associates Jordan Zaluski, Tuong-Vi Faber and Mathieu Damnon. Partner Denise Diallo advised on the transaction's bank finance aspects. Partner Philippe Herbelin, with support from associates Kevin Paviet-Salomon and Grégoire Karila, advised on matters of French law.
White & Case has also advised the Mandated Lead Arrangers on the €350 million multicurrency revolving credit facility in relation to the refinancing of Europcar's debt. The White & Case team that advised on the revolving credit facility was led by partner Denise Diallo, with support from associates Lycia Alderin and Rachid Madid.
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