Empark marketing €475 million two-part secured notes offering

By Paul A. Harris

Portland, Ore., Oct. 10 – Empark started a roadshow on Monday for a €475 million two-part offering of senior secured notes (expected ratings Ba3/BB), according to a market source.

The deal features €300 million minimum of seven-year fixed-rate notes with three years of call protection and a to-be-determined amount of six-year floating-rate notes with one year of call protection.

The roadshow wraps up on Thursday.

Global coordinator JPMorgan will bill and deliver for the Rule 144A and Regulation S offering. BNP Paribas, Macquarie Capital, NatWest Markets and Santander are 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.

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