APCOA Parking Holdings GmbH
(APPARK) EUR685m (up from EUR665m) 144A/Reg S fixed/floating sr sec
notes 2-part. B3/B (stable/stable). Via Barc (B&D)/NatWest jt
glocos/DB jt books. No reg rights. List ISE. NY law. Settles 07/23
(T+7).
- EUR320m fixed rate notes due 01/15/27 (5.5y). NC2 (MWC B+50bp),
then at 102.313, 101.156, 100. Equity claw: 2y 40% at 104.625. Special
call: 10% per year the first 2 years at 103. Reg S ISIN XS2366276835.
IPT: 5.00%-5.25%. Price talk: 4.75%-5.00%. Final size/pricing: EUR320m
at 4.625%. Priced: 4.625% at 100. +523bp vs DBR 0.25% 02/15/27.
- EUR365m FRN due 01/15/27 (5.5y). NC1 (MWC B+50bp), then at 101,
100. Reg S ISIN: XS2366277056. IPT: E+500-525bp (0% floor) 99.50 OID.
Px talk: E+500bp (0% floor) 99.50-100. Final size/pricing: EUR365m at
E+500bp (0% floor) at 100. Priced: 3mE+500bp (0% floor) at 100.
Did investor call at 10am UKT Mon, 1x1s Mon-Tues. Books closed at
12:15pm UKT today (originally closing at 10am UKT today). UOP: repay
EUR592m term loans (EUR514m facility B and EUR78m facility B2), and
EUR48m cash on the B/S (EUR20m upsize for incremental group liquidity).
Biz: a leading pan European parking infrastructure operator and services
provider. HQ: Stuttgart, Germany.