Europcar amends consent solicitation to appoint mandataire ad hoc

By Taylor Fox

New York, Oct. 9 – Europcar Mobility Group announced that Europcar Mobility Group and EC Finance plc amended the consent solicitation statements from the holders of each series of senior notes and senior secured notes to permit the appointment by the group of a mandataire ad hoc and/or a conciliateur with respect to one or more of the main holding companies of the group to include certain additional covenants for the benefit of the holders of the senior notes and senior secured notes, respectively, according to a news release.

As previously reported, Europcar extended the expiration time for its consent solicitation to noon ET on Oct. 13 from noon ET on Oct. 7.

Europcar has already secured the requisite consent of the lenders under its multicurrency revolving facility agreement and Europcar International's and Europcar Participations’ state-guaranteed loans.

As previously reported, holders of the €600 million 4 1/8% senior notes due 2024 (ISIN: XS1706202592), the €450 million 4% senior note due 2026 (ISIN: XS1983375871), both issued by Europcar, and €500 million of 2 3/8% senior secured notes due 2022 (ISIN: XS1703900594), issued by EC Finance, are included in the solicitation.

Europcar will hold discussions with its corporate debt creditors with a view to achieving a financial restructuring. The objective is to ensure a sustainable capital structure adapted to its level of revenue, with reduced corporate debt and appropriate liquidity.

In order to facilitate these discussions, the group wishes to have the ability for its main holding companies to request the appointment of a mandataire ad hoc and/or a conciliateur, which requires the agreement of various financial creditors.

The purpose of the solicitations is to obtain the consent, at the majority, of the holders of each series of senior notes and the holders of the senior secured notes, such that Europcar Mobility Group and the other main holding companies of the group would have the option to request the appointment of a mandataire ad hoc and/or a conciliateur, without such action constituting a default or an event of default under the senior notes and the senior secured notes.

Lucid Issuer Services (+44 20 7704 0880, europcar@lucid-is.com) is the tabulation and information agent.

Europcar is a Paris-based vehicle rental services provider.

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