Empark sets talk for €385 million two-part secured notes offering

By Paul A. Harris

Portland, Ore., Dec. 10 - Empark Funding SA set price talk for its €385 million two-part offering of senior secured notes (B2/BB-/) on Tuesday, according to a market source.

The Madrid-based company talked its €235 million of six-year fixed-rate notes with a yield in the 7% area. The fixed-rate notes come with three years of call protection.

Meanwhile Empark talked its €150 million of six-year floating-rate notes to price at 99 with a Euribor spread of 550 basis points to 575 bps. The floating-rate notes come with one year of call protection.

The deal is set to price on Wednesday.

Joint bookrunner JPMorgan will bill and deliver for the Rule 144A and Regulation S for life offering. 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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