Apcoa Parking circulates initial talk in €665 million two-part 5.5-year notes offer

By Paul A. Harris

Portland, Ore., July 12 – Apcoa Parking Group set initial price talk in its €665 million two-part offering of 5.5-year senior secured notes (B3/B), according to a market source.

The deal includes fixed-rate notes that become callable after two years at par plus 50% of the coupon, with initial talk of 5% to 5¼%, and floating-rate notes that become callable after one year at 101, talked with a 500 to 525 basis points spread to Euribor, no Euribor floor, at 99.5.

Tranche sizes remain to be determined.

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.

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