Commentary & Deal Flow

Postponed: EC Finance PLC (Europcar Mobility Group) (EUROCA) minimum EUR150m 144A/Reg S mirror notes to its 3.00% sustainability-linked sr sec notes due 10/15/26 (4.5y). NC1.5 (10/15/23), then at 101.625, 100.8125, 100. Equity claw: 1.5y 40% at 103.00. Special call: 10% per year until 10/15/23 at 103. B1/B (stable/CreditWatch positive). Via BNPP (B&D) sole physical books/CA/HSBC jt glocos and jt books. No reg rights. List Lux. NY law. Sustainability performance targets: SPT 1: avg carbon emmissions for the fleet to reach 93g co2 / km for cars and 144g co2 / km for vans by 31 December 2024, 12.5bps step-up in coupon, if SPT 1 not met; SPT 2: green vehicles to reach 20% of group's fleet by 31 December 2024, 12.5bps step-up in coupon, if SPT 2 not met. Terms mirror the original EUR500m issue priced 09/23/2021. Roadshow 05/05-08 (investor call at 11am UKT 05/05). UOP: fleet financing. Biz: car and van rental services. HQ: Paris, France.