By Paul A. Harris
Portland, Ore., Jan. 10 – Q-Park Holding I BV priced a €430 million issue of five-year senior secured notes (B1/BB-) at par to yield 5 1/8% on Wednesday, according to market sources.
The yield printed at the tight end of revised yield talk in the 5¼% area. Prior to that revision the notes had been talked to yield in the 5½% area.
BofA Securities Inc. was the sole bookrunner. Passive bookrunners were KKR, ABN Amro Inc., ING Financial Markets LLC, NatWest Markets Securities Inc. and Rabo Securities USA Inc.
The Maastricht, Netherlands-based parking garage operator plans to use the proceeds plus balance sheet cash to refinance its 1½% senior secured notes due 2025 via a concurrent tender offer.
| Issuer: | Q-Park Holding I BV
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| Amount: | €430 million
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| Issue: | Senior secured notes
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| Maturity: | March 1, 2029
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| Sole bookrunner: | BofA Securities Inc.
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| Global coordinators: | BofA Securities Inc. and KKR Capital Markets LLC
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| Passive bookrunners: | KKR, ABN Amro Inc., ING Financial Markets LLC, NatWest Markets Securities Inc. and Rabo Securities USA Inc.
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| Coupon: | 5 1/8%
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| Price: | Par
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| Yield: | 5 1/8%
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| Spread: | 306 bps
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| First call: | March 1, 2026 at 102.563
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| Trade date: | Jan. 10
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| Settlement date: | Jan. 18
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| Ratings: | Moody’s: B1
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| S&P: BB-
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 5¼% area, revised from 5½% area
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