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Commentary & Deal Flow

FINAL TERMS/UPSIZE: Q-Park E650m sr sec 2-part, E350m 5.5NC2 fixed at 3.875%; EUR300m 5.5yNC1 FRN E+3200-212.5bp

HYC European Market: Deal Flow - General

Q-Park Holding I BV (QPARKH) EUR650m (up from EUR630m) 144A/Reg S sr sec 1st lien notes 2-part. Ba3/BB (stable/stable). Via BofA (B&D)/KKR/ABN/Rabo jt glocos/ING/NatWest jt books. No reg rights. List ISE. NY law. CoC at 101.

    - EUR350m (from EUR250m minimum) fixed rate notes due 2031 (approx 5.5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Special call: 10% per year the first 2 years at 103. CoC at 101. Denoms: 100kx1k. IPT low 4s. Price talk: 4.00% area. Final terms: EUR350m at 3.875%.

    - EUR300m (from EUR250m minimum) FRN due 2031 (approx 5.5y). NC1 (par). CoC at 101. Denoms: 100kx1k. IPT: low-to-mid 200s. Price talk: E+225bp area (+/-12.5bp). Final terms: EUR300m at E+200bp-212.5bp WPIR.

Did investor call at 10am UKT 01/12. Books close at 3:30pm UKT (from 1:45pm UKT) 01/13. Pricing 01/13 UK afternoon. UOP: along with EUR18m refinance existing  EUR630m 2.00% sr sec notes due 03/01/27 (non US tender offer targeting the Reg S notes only at a tender price of 99.50, BofA/KKR dealer managers; the remaining notes will be called in about 9mos after the new issue date at 100). Equity sponsors: KKR Infrastructure, Schroders, EDF, PensionDanmark, Safra, Pontegadea, and Interogo. Biz: parent company of Q-Park BV, a leading parking infrastructure owner and operator in Western Europe with a large and diversified portfolio of owned, leased and managed parking facilities in the Netherlands, France, the UK, Germany, Belgium, Denmark and Ireland. HQ: Maastricht, Netherlands.

Netroadshow direct link: https://www.netroadshow.com/events/login/LE9zwo3iYnzUDqcQoh0Z5bPdgij95hsc729.