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Q-Park (QPARKH; Ba3/BB-; S) IPT (Private co)

TRANSPORTATION

€550m Senior Secured 5.5NC2 IPT low-mid 5%s.We said it was wasting no time after Moody's upgrade late last month when it launched this morning - it's moving quickly on pricing too.

  • Secondary holding firm; 29s -0.2pts/+6bps vs. bunds +2bps. Only €60m of net supply here - its taking out the €90m in 25's and €400m in floating 26s.
  • It's the 2nd KKR owned issuer to come this week - Upfield (spreads/butter/margarine) is pricing a 5NC2 Snr Sec. (B1/B/B+). IPT in the low 7s looks tad harsh; Bertrand (France burger king & other restraints) priced its 6NC2 (B2/B) at 6.5% (~Z+350) after IPT came in 7-to-low-7s. It's a tad in since at OAS+320/6.2% to a 4yr par call.
  • Bertrand ran net 5.7x leverage, Upfield 6.5x. Similar EBITDA margins (high 20's) and cash conversion on that (low 80s). Volumes are declining for Upfield.

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