Regulatory News:
Europcar Mobility Group (Paris:EUCAR) (together with its
consolidated subsidiaries, the “Group”) today announces that it is
soliciting consents (the “Solicitations”) 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.
“Senior Notes” means the €600,000,000 aggregate principal amount
of 4.125% Senior Notes due 2024 (Reg. S Common Code: 170620259 /
Reg. S ISIN: XS1706202592; Rule 144A Common Code: 170620275 / Rule
144A ISIN: XS1706202758) (the “2024 Senior Notes”) and the
€450,000,000 aggregate principal amount of 4.000% Senior Notes due
2026 (Reg. S Common Code: 198337587 / Reg. S ISIN: XS1983375871;
Rule 144A Common Code: 198337617 / Rule 144A ISIN: XS1983376176)
(the “2024 Senior Notes”) issued by Europcar Mobility Group.
“Senior Secured Notes” means the €500,000,000 aggregate
principal amount of 2.375% Senior Secured Notes due 2022 (Reg. S
Common Code: 170390016/ Reg. S ISIN: XS1703900164; Rule 144A Common
Code: 170390059/ Rule 144A ISIN: XS1703900594 issued by EC Finance
plc and guaranteed by Europcar Mobility Group. The Senior Secured
Notes are often referred to as “Fleet Notes” by market
participants.
Rationale for the Solicitations
On September 7, 2020, the Group announced its intention to
commence discussions with its corporate debt creditors with a view
to achieving a financial restructuring. The Group’s objective is to
ensure a sustainable capital structure adapted to its level of
revenue, with reduced corporate indebtedness and appropriate
liquidity. The market will be informed in due time of the outcome
of these discussions, the duration of which is currently
undetermined. 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 of the Group, in accordance with the relevant credit
agreements and the bond documents.
The purpose of the Solicitations is to obtain the consent, at
the requisite majority, of (i) the holders of each series of Senior
Notes and (ii) 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, if desired, 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.
The Group is seeking similar consents from other financial
creditors in accordance with the relevant credit agreements.
Europcar Mobility Group confirms that it has not been decided
yet whether or not the main holding companies of the Group will
seek the appointment of a mandataire ad hoc and/or a conciliateur
and that, to date, the main holding companies of the Group have not
taken any steps to appoint a mandataire ad hoc or a
conciliateur.
Details of the Solicitations
The Solicitation with respect to the Senior Notes and the
Solicitation with respect to the Senior Secured Notes will expire
at 5:00 pm London time on October 7, 2020 unless extended by
Europcar Mobility Group.
Europcar Mobility Group has retained Lucid Issuer Services to
serve as its Tabulation and Information Agent for the Solicitation
with respect to the Senior Notes and the Senior Secured Notes.
Copies of the Consent Solicitation Statement in respect of the
Solicitation relating to the Senior Notes and of the Consent
Solicitation Statement in respect of the Solicitation relating to
the Senior Secured Notes can be obtained from Lucid Issuer Services
Limited (Attention: Victor Parzyjagla, +44 (0) 20 7704 0880,
europcar@lucid-is.com).
Financial Calendar
Europcar Mobility Group will publish its Q3 2020 results on
October 28, 2020.
Disclaimers
This announcement has been prepared by Europcar Mobility Group
exclusively for information purposes. It does not constitute or
include any advice or recommendation by Europcar Mobility Group (or
any other person) regarding the securities of Europcar Mobility
Group or EC Finance plc or as to the merits of any transaction or
the making of any investment decision. It does not constitute or
include any confirmation or commitment by Europcar Mobility Group
(or any other person) regarding the present or future value of the
business of Europcar Mobility Group, its securities, its affiliates
or any of Europcar Mobility Group’s or their assets.
This announcement is not an offer to sell or a solicitation of
an offer to buy or exchange or acquire securities in the United
States or in any other jurisdiction. The securities referenced in
this announcement may not be offered, sold, exchanged or delivered
in the United States absent registration or an applicable exemption
from the registration requirement under the U.S. Securities Act of
1933, as amended. The securities mentioned in this announcement are
not, and will not be, registered in the United States. This
announcement is not directed at, or intended for distribution,
publication, availability to or use by, any person or entity that
is a citizen or resident or located in any locality, state, country
or other jurisdiction, where such distribution, publication,
availability or use would be contrary to law or regulation, or
which would require any registration or licensing within such
jurisdiction. Nothing in this announcement constitutes or
contemplates an invitation to participate in the Solicitations by a
holder in any circumstances in which such participation is
unlawful.
This press release includes forward-looking statements based on
current beliefs and expectations about future events. Such
forward-looking statements may include projections and estimates
and their underlying assumptions, statements regarding plans,
objectives, intentions and/or expectations with respect to future
financial results, events, operations and services and product
development, as well as statements, regarding performance or
events. Forward-looking statements are generally identified by the
words “expects”, “anticipates”, “believes”, “intends”, “estimates”,
“plans”, “projects”, “may”, “would”, “should” or the negative of
these terms and similar expressions. Forward looking statements are
not guarantees of future performance and are subject to inherent
risks, uncertainties and assumptions about Europcar Mobility Group
and its subsidiaries and investments, trends in their business,
future capital expenditures and acquisitions, developments in
respect of contingent liabilities, changes in economic conditions
globally or in Europcar Mobility Group’s principal markets,
competitive conditions in the market and regulatory factors. Those
events are uncertain; their outcome may differ from current
expectations which may in turn materially affect expected results.
Actual results may differ materially from those projected or
implied in these forward-looking statements. Any forward-looking
statement contained in this press release is made as of the date of
this press release. Other than as required by applicable law,
Europcar Mobility Group does not undertake to revise or update any
forward-looking statements in light of new information or future
events. The results and the Group's performance may also be
affected by various risks and uncertainties, including without
limitation, risks identified in the "Risk factors" of the Annual
Registration Document registered by the Autorité des marchés
financiers on May 6, 2020 and also available on the Group's
website.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets
and listed on Euronext Paris. The mission of Europcar Mobility
Group is to be the preferred “Mobility Service Company” by offering
attractive alternatives to vehicle ownership, with a wide range of
mobility-related services and solutions: car rental and light
commercial vehicle rental, chauffeur services, car-sharing and
private hire vehicle (PHV – rental to “Uber like” chauffeurs).
Customers’ satisfaction is at the heart of the Group’s mission
and all of its employees and this commitment fuels the continuous
development of new services.
Europcar Mobility Group operates through a diversified portfolio
of brands meeting every customer specific needs and use cases, be
it for 1 hour, 1 day, 1 week or longer ; its 4 major brands being:
Europcar® - the European leader of car rental and light commercial
vehicle rental, Goldcar® - the low-cost car-rental Leader in
Europe, InterRent® – ‘mid-tier’ car rental and Ubeeqo® – one of the
European leaders of round- trip car-sharing (BtoB, BtoC). Europcar
Mobility Group delivers its mobility solutions worldwide solutions
through an extensive network in over 140 countries (including
wholly owned subsidiaries – 18 in Europe, 1 in the USA, 2 in
Australia and New Zealand – completed by franchises and
partners).
Further details on our website:
www.europcar-mobility-group.com
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version on businesswire.com: https://www.businesswire.com/news/home/20200930005947/en/
Investor Relations Caroline Cohen –
caroline.cohen@europcar.com +33 1 76 36 86 02
Rothschild & Co Arnaud Joubert
– arnaud.joubert@rothschildandco.com Camille Pochat –
camille.pochat@rothschildandco.com Henry Barrault –
henry.barrault@rothschildandco.com
Press Relations Valérie Sauteret –
valerie.sauteret@europcar.com +33 6 72 93 31 05 Vincent Vevaud –
vincent.vevaud@europcar.com +33 6 72 93 31 05
Publicis Consultants Laurent Glépin
– laurent.glepin@publicisconsultants.com +33 6 08 57 02 82 Camille
Madec – camille.madec@publicisconsultants.com