Q-Park starts roadshow for €430 million five-year secured notes; proceeds to fund tender offer

By Paul A. Harris

Portland, Ore., Jan. 8 – Q-Park Holding I BV began a roadshow on Monday for a €430 million offering of five-year senior secured notes (expected ratings B1/BB-), according to market sources.

The roadshow is scheduled to run through Wednesday.

The Rule 144A and Regulation S notes become subject to an initial call after two years at par plus 50% of the coupon.

BofA Securities Inc. is the physical bookrunner and joint global coordinator. KKR Capital Markets LLC is a joint global coordinator and a bookrunner. ABN Amro Inc., ING Financial Markets LLC, NatWest Markets Securities Inc. and Rabo Securities USA Inc. are joint bookrunners.

The Maastricht, Netherlands-based parking garage operator plans to use the proceeds plus balance sheet cash to refinance its 1.5% senior secured notes due 2025 via a concurrent tender offer.

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