Spain's Empark starts roadshow for €385 million six-year notes in fixed-, floating tranches

By Paul A. Harris

Portland, Ore., Dec. 6 - Empark Funding SA began a roadshow on Friday for a €385 million two-part offering of senior secured notes (expected ratings B2/BB), according to a market source.

Madrid-based company plans to sell €235 million of six-year fixed-rate notes, which come with three years of call protection, and €150 million of six-year floating-rate notes, which come with one year of call protection.

The roadshow is set to wrap up on Tuesday.

Joint bookrunner JPMorgan will bill and deliver for the Rule 144A and Regulation S for life offer. Barclays, Caixa and Espirito Santo Investment Bank are also joint bookrunners.

Proceeds will be used to repay debt.

The prospective issuer is the largest concessionaire and operator of parking infrastrucure in the Iberian Peninsula.

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