Commentary & Deal Flow

Guidance: 5NC2: 4.625%a (+/- 12.5)

IPTs: 5NC2: High 4s-5%

• Company: Telpark (Ticker: EMPARQ)
• Issuer: Arena Luxembourg Finance S.à.r.l
• Business: Telpark (fka Empark) is one of the leading Iberian urban mobility operators with a highly resilient infrastructure-backed business model. HQ: Madrid, Spain
• Corporate Ratings: Ba3/BB/BB (Moody's/S&P/Fitch)
• Expected Issue Ratings: BB+ (Fitch)
• Format: Reg S / 144A
• Size: €540m
• Ranking: Senior Secured Notes
• Guidance: 4.625% area (+/- 12.5)
• Global Coordinators and Joint Physical Bookrunners: J.P. Morgan (B&D), Goldman Sachs Bank Europe SE
• Bookrunners: BNP Paribas, BofA Securities
• Tenor: 5 years
• Call Protection: 5NC2 (MWC B+50bp) (50%/ 25% / Par). Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103.
• Change of Control: 101.
• Use of Proceeds: To fund the tender offer for its EUR475m 1.875% sr sec notes due 01-Feb-28; Discharge all obligations for the remaining notes; Repay EUR43m drawn on its revolver; EUR15m for GCP, including potential acquisitions; Pay for transaction fees and expenses.
• Denominations: €100k x €1k
• Listing: Official List of the Luxembourg Stock Exchange
• Governing Law: New York
• Equity Sponsor: Macquarie Infrastructure and Real Assets
• Target Market: Manufacturer target market (MIFID II / MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK.
• ISINs:
• • Reg S: XS3408822370
  • 144A: XS3408822537
• NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=be7371bf or entry code: TELPARK26
• Timing: Books close 1:30 PM BST, pricing thereafter.