Apcoa Parking sets Monday investor call for €665 million two-part secured notes offering

By Paul A. Harris

Portland, Ore., July 9 – Apcoa Parking Group plans sell €665 million of 5.5-year senior secured notes (expected ratings B3/B) in two tranches, according to a market source.

An investor call for the Rule 144A and Regulation S deal is set to get underway at 5 a.m. ET on Monday, to be followed by a roadshow on Monday and Tuesday. Pricing will follow the conclusion of the roadshow.

The deal includes fixed-rate notes that become callable after two years at par plus 50% of the coupon and floating-rate notes that become callable after one year at 101. Tranche sizes remain to be determined.

Left bookrunner and joint global coordinator Barclays will bill and deliver. 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.

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