Empark - New Issue Comment
Empark, the Spanish car park operator, is marketing €475m of Senior Secured Notes.
The offering will be split between a fixed rate tranche with a 7-year maturity of no less than €300m and a 6-year floating rate tranche (final amounts are yet to be determined). Empark’s corporate credit rating stands at Ba3/BB, a rating that will apply to the bonds as well.
The issuance comes in the context of the company’s acquisition by Macquarie’s (Macquarie Infrastructure and Real Estate Asset fund) for c. €1.0bn, or 13x LTM adjusted EBITDA as of June 2017.
The proceeds will be placed in an escrow account until the transaction has closed, which is expected in December 2017. Alongside a €468m equity contribution the money will be earmarked for i) payment of the equity portion of the acquisition (€486m), ii) existing debt refinancing (€424m), and iii) payment of fees and expenses (€32.5m). The transaction will slightly deteriorate credit metrics to 6.9x or (7.4x including SR adjustments) vs. 6.2x as of June 2017.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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