Apcoa Parking launches upsized €685 million two-part secured notes offer; pricing Wednesday

By Paul A. Harris

Portland, Ore., July 14 – Apcoa Parking Group upsized its two-part offering of 5.5-year senior secured notes (B3/B) to €685 million from €665 million, launching both tranches with tightened pricing, according to a market source.

The deal includes fixed-rate notes that become callable after two years at par plus 50% of the coupon, launched at 4 5/8%, versus yield talk of 4¾% to 5%. Initial talk was 5% to 5¼%.

Apcoa is also offering floating-rate notes that become callable after one year at 101, launched at a 500 basis points spread to Euribor, on top of spread talk, at an issue price of par, tight to the 99.5 to par price talk. Earlier guidance was 500 to 525 bps at 99.5. There is no Euribor floor.

Tranche sizes remain to be determined.

The deal is set to price Wednesday.

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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