Q-Park selling €1.46 billion secured notes in three tranches

By Paul A. Harris

Portland, Ore., Feb. 3 – Q-Park is in the market with €1,455,000,000 of senior secured notes (Ba2/BB-), according to a market source.

The Netherlands-based multi-national parking garage operator is selling five-year non-call two-year fixed-rate notes, six-year non-call one-year floating-rate notes and seven-year non-call three-year fixed-rate notes.

Tranche sizes remain to be determined.

J.P. Morgan Securities plc is leading a syndicate of banks, which includes BofA Securities, KKR, ABN Amro, ING, NatWest Markets, Rabobank and ICBC.

Q-Park Holding I BV is the issuing entity.

Proceeds from the Regulation S deal will be used to refinance bank debt and pay down an inter-company loan owed to Q-Park’s parent company.

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