By Paul A. Harris
Portland, Ore., Dec. 11 - Empark Funding SA priced €385 million six-year senior secured notes (B2/BB-/) in two tranches on Wednesday, according to a market source.
Both tranches priced on top of downwardly revised talk.
The Madrid-based company priced €235 million of six-year fixed-rate notes at par to yield 6¾%, on top of revised talk; earlier talk came in the 7% area.
Empark also priced €150 million of six-year floating-rate notes at 99 to yield Euribor plus 550 basis points, also on top of revised talk. Earlier talk had the floater pricing at 99 with a Euribor spread of 550 basis points to 575 bps.
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 issuer is the largest concessionaire and operator of parking infrastrucure in the Iberian Peninsula.
| Issuer: | Empark Funding SA
|
| Amount: | €385 million
|
| Maturity: | Dec. 15, 2019
|
| Securities: | Senior secured notes
|
| Bookrunners: | JPMorgan (bill and deliver), Barclays, Caixa, Espirito Santo Investment Bank
|
| Trade date: | Dec. 11
|
| Settlement date: | Dec. 18
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | €235 million
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 572 bps
|
| First call: | Dec. 15, 2016 at 103.375
|
| Price talk: | 6¾%, revised from 7% area
|
|
|
| Floating-rate notes
|
| Amount: | €150 million
|
| Coupon: | Euribor plus 550 bps
|
| Price: | 99.50
|
| First call: | Dec. 15, 2014 at 101
|
| Price talk: | Euribor plus 550 bps at 99.5, revised from Euribor plus 550 to 575 bps at 99
|
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