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Commentary & Deal Flow

NEW ISSUE: APCOA E435M sr sec FRN 5.25NC1, IPT E + [350 – 375]bps, on the road

HYC European Market: Deal Flow - GeneralHYC US Market: Deal Flow - General

APCOA GmbH (APPARK) EUR435m 144A/Reg S floating sr sec notes due April 2031 (5.25y). NC1 at par. Expect B3/B (stable/stable). Via GS/Barc/JPM/MS/Natwest/Santander jt books. No reg rights. CoC at 101. List ISE. NY Law. Denoms 100k x 1k.

IPT: E + [350-375]bps.

Roadshow (small group meetings) 01/26-01/27 (investor call at 11am UKT 01/26). UOP: Fully refinance the existing EUR385 million FRNs due 04/15/31 (callable at 100) and fund a shareholder distribution. Equity sponsor: Strategic Value Partners. Biz: a leading pan European parking infrastructure operator and services provider. HQ: Stuttgart, Germany.



Netroadshow link: https://www.netroadshow.com/nrs/home/?show=5394a0f9. Entry code: Apcoa-2025.