September 25, 2024 13:46 GMT
APCOA Parking (Secured; B3/B) Final talk
TRANSPORTATION
Reconfirmations by 3:15pm London/ 4:15pm CET, pricing thereafter
€685;
- min. €300m Snr Secured 6.5NC2 Fixed 6-6.25% WPR (eqv. MS+370-395)
- 50bps in from IPT
- min €300m Snr Secured 6.5NC1 FRN 3mE+412.5-325 WPR with px at par
- ~20bps in from IPT
- Impressive pricing here from the car-park operator (all the way down at bottom of single B but coming through public Avis).
- Q-park issued a 5.5NC2 (Ba3/BB-) at 5.125%/MS+233 with a 30bp NIC to its curve - was impressive pricing then but was a KKR deal and came with some asides which investors focused on (very long-term contracts, €1.8b in property etc) and captured in rating differences.
- Refi - no net supply/leverage natural at gross/net 6.0/5.6x. Under ownership of PE operator SVP.
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