Apcoa Parking lifts term loan B to €350 million, trims pricing

By Sara Rosenberg

New York, March 9 – Apcoa Parking Holdings GmbH upsized its seven-year term loan B to €350 million from €325 million and reduced pricing to Euribor plus 425 basis points from Euribor plus 450 bps, according to a market source.

Also, the original issue discount on the term loan B firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The loan still has a 0% floor, 101 soft call protection for six months and a net leverage covenant.

Barclays, Deutsche Bank and NatWest Markets are the joint arrangers on the deal.

Recommitments are due at 10 a.m. GMT on Friday, the source added.

Proceeds will be used to refinance existing debt and to pay related transaction fees and expenses, and the funds from the upsizing will be used for general corporate purposes, including investments in new contract opportunities.

Apcoa is a Stuttgart, Germany-based car park operator.

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