European car park operator Apcoa has refinanced its existing debt facilities by placing a €435 mln term loan in the European debt markets.
The Stuttgart-based company placed the revolving and guarantee facilities with a number of institutional investors and banks.
Barclays Bank, Deutsche Bank's London branch and the Royal Bank of Scotland's NatWest Markets business acted as mandated lead arrangers and joint bookrunners on behalf of Apcoa. Barclays acted as rating advisor and will be the agent and security agent on the new facilities. The offer was 'significantly oversubscribed' and has been rated B+ by Standard & Poor's and B1 by Moody's Investors Service, according to Apcoa.
'We are very satisfied with the strong investor and rating agency support. Our diversified and resilient business model, as well as the long-term nature of our contracts and client relationships translate into a favourable credit profile,' said Steffen Baetjer, chief financial officer at Apcoa.
Apcoa owns and operates 1.4 million individual parking spaces at more than 30 airports across 13 European countries.
