By Paul A. Harris
Portland, Ore., July 14 – Apcoa Parking Group priced an upsized €685 million amount of 5.5-year senior secured notes (B3/B) in two tranches on Wednesday, according to a market source.
The deal, which was upsized from €665 million, included €320 million of fixed-rate notes that priced at par to yield 4 5/8%, inside of the 4¾% to 5% yield talk. Initial talk was 5% to 5¼%.
Apcoa also priced €365 million of Euribor plus 500 basis points floating-rate notes at par. The spread came on top of spread talk (earlier spread guidance was 500 to 525 bps). The issue price came at the rich end of the 99.5 to par price talk. Initial price guidance was 99.5. There is no Euribor floor.
Left bookrunner and joint global coordinator Barclays will bill and deliver for the Rule 144A and Regulation S deal. NatWest is a joint global coordinator and joint bookrunner. Deutsche Bank is a joint bookrunner.
The issuing entity will be Apcoa Parking Holdings GmbH.
The Stuttgart, Germany-based parking management company plans to use the proceeds to repay debt and fund cash to its balance sheet.
| Issuer: | Apcoa Parking Holdings GmbH
|
| Amount: | €685 million
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Senior secured notes
|
| Left books: | Barclays (bill and deliver)
|
| Global coordinators: | Barclays, NatWest
|
| Joint bookrunner: | Deutsche Bank
|
| Trade date: | July 14
|
| Settlement date: | July 23
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Fixed-rate notes
|
| Amount: | €320 million
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 523 basis points
|
| Call protection: | Two years
|
| Price talk: | 4¾% to 5%; initial talk 5% to 5¼%
|
|
|
| Floating-rate notes
|
| Amount: | €365 million
|
| Coupon: | Euribor plus 500 bps
|
| Euribor floor: | 0%
|
| Price: | Par
|
| Call protection: | One year
|
| Price talk: | Euribor plus 500 bps at 99.5 to par; earlier guidance 500 to 525 bps
|
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