By Paul A. Harris
Portland, Ore., Oct. 25 Empark priced a 475 million amount of senior secured notes (expected ratings Ba3/BB) in two tranches, according to a Wednesday press release.
The deal included 350 million of seven-year fixed-rate notes, which priced at par to yield 2 7/8%, and 125 million of Euribor plus 275 basis points floating-rate notes, which also priced at par.
Global coordinator JPMorgan will bill and deliver. BNP Paribas, Macquarie Capital, NatWest Markets and Santander were joint bookrunners.
Proceeds will be used to fund the acquisition of Empark, an Iberian parking infrastructure company, by Macquarie European Infrastructure Fund 5, a fund managed by Macquarie Infrastructure and Real Assets, and to repay Empark debt.
| Issuer: | Arena Luxembourg Finance Sarl
|
| Amount: | 475 million
|
| Securities: | Senior secured notes
|
| Global coordinator: | JPMorgan (bill and deliver)
|
| Joint bookrunners: | BNP Paribas, Macquarie Capital, NatWest Markets, Santander
|
| Announcement date: | Oct. 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Fixed-rate notes
|
| Amount: | 350 million
|
| Maturity: | 2024
|
| Coupon: | 2 7/8%
|
| Price: | Par
|
| Yield: | 2 7/8%
|
| Call protection: | Three years
|
|
|
| Floating-rate notes
|
| Amount: | 125 million
|
| Maturity: | 2023
|
| Coupon: | Euribor plus 275 bps
|
| Euribor floor: | 0%
|
| Price: | Par
|
| Yield: | Euribor plus 275 bps
|
| Call protection: | One year
|
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