S&P rates Apcoa notes B

S&P said it gave a B rating to Apcoa Parking Holdings GmbH’s new 5.5-year €665 million of fixed- and floating-rate senior secured notes. The agency also affirmed Apcoa’s B issuer rating.

Apcoa will use the proceeds with a €80 million super senior secured revolving credit facility, of which €50 million will be available for cash drawings, to refinance its debt.

“Overall, the proposed refinancing will add about €70 million to gross debt–with €53 million of additional cash to balance sheet–and will increase the group's interest costs by about €8 million-€9 million on a full year basis. But we consider these effects neutral to the group's credit metrics, and the group's leverage trajectory will mostly depend on EBITDA recovery. Hence, we forecast that adjusted leverage will decline to about 8.1x-8.3x by end-2021 and to 6.3x-6.5x in 2022, from 10.1x in 2020,” S&P said in a press release.

The outlook is stable.

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