RLPC-Bankers assemble CarTrawler financing as final bids due

LONDON, March 17 Mon Mar 17, 2014 11:08am EDT

LONDON, March 17 (Reuters) - Bankers are preparing debt financing packages of around 200 million euros ($278.50 million) to back a potential sale of online car rental company CarTrawler, as would-be buyers line up to submit final round bids, banking sources said on Monday.

Private equity firm ECI, which bought Dublin-based CarTrawler in 2011, has hired PwC to run a sale process that has attracted interest from a number of buyout firms.

BC Partners, Berkshire Partners and Charterhouse are expected to submit final round bids due on Monday, bankers said.

BC Partners, Berkshire, Charterhouse and ECI declined to comment.

Bankers are working on debt packages of some 200 million euros or around 5.5 to 6 times CarTrawler's EBITDA (earnings before interest, taxes, depreciation and amortisation) of approximately 30 million euros.

Debt is likely to be in the form of senior leveraged loans or a mix or senior leveraged loans and mezzanine financing, the bankers added.

Bankers and debt investors are eager to fund the deal following a lack of event-driven financing last year.

CarTrawler provides online car rental distribution systems from 30,000 locations in 174 countries, ECI's website said.

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