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Q-Park Holding I B.V. Announces Pricing of Eur 550 Million Senior Secured Notes Offering

The offering is subject to customary closing conditions and settlement is expected to occur on or around 1 July, 2024.

Q-Park Holding I B.V. (the “Company,” and together with Q-Park Holding B.V. (the “Parent”) and the direct and indirect subsidiaries of the Parent, the “Group”) today announces that it has successfully priced EUR 550 million aggregate principal amount of 5.125% senior secured fixed rate notes due 2030 at an issue price of 100% (the “New Notes”). The offering is subject to customary closing conditions and settlement is expected to occur on or around 1 July, 2024. The proceeds from the offering, if completed, are expected to be used:

  • (i) to redeem the entire outstanding principal amount of the 3.500% Senior Secured Fixed Rate Notes due 2025 issued by the Company, together with accrued and unpaid interest thereon;

  • (ii) to redeem the entire outstanding principal amount of Senior Secured Floating Rate Notes due 2026 issued by the Company, together with accrued and unpaid interest thereon;

  • (iii) to pay fees, costs and expenses incurred in connection with the foregoing and

  • (iv) for general corporate purposes.

The New Notes will be offered only to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act, subject to prevailing market and other conditions. There is no assurance that the offering of the New Notes will be completed or, if completed, as to the terms on which it is completed. The New Notes have not been and will not be registered under the Securities Act or the securities laws of any state of the United States or any other jurisdiction and may not be offered or sold in the United States absent registration or unless pursuant to an applicable exemption from the registration requirements of the Securities Act and any other applicable securities laws. This announcement does not constitute an offer to sell or the solicitation of an offer to buy the New Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This announcement has been prepared on the basis that any offer of the New Notes in any Member State of the European Economic Area (“EEA”) (each, a “Relevant State”) will be made pursuant to an exemption under Regulation (EU) 2017/1129, as amended (the “Prospectus Regulation”), from the requirement to publish a prospectus for offers of securities. This announcement has been prepared on the basis that any offer of the New Notes in the United Kingdom will be made pursuant to an exemption under the Prospectus Regulation, as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”), from the requirement to publish a prospectus for offers of notes. The preliminary offering memorandum produced for the offering of the New Notes is not a prospectus for the purposes of the Prospectus Regulation or the UK Prospectus Regulation. The manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the New Notes are not available to retail clients in the EEA or the United Kingdom.

This announcement and any other documents or materials relating to the offering of the New Notes is not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom falling within the definition of investment professionals (as defined in Article 19(5) of the Financial Promotion Order) or persons who are within Article 43(2) of the Financial Promotion Order or any other persons to whom such documents and/or materials may otherwise lawfully be communicated or caused to be communicated under the Financial Promotion Order.

In connection with the issuance of the New Notes, certain of the initial purchasers will serve as stabilizing managers and may over-allot the New Notes or effect transactions with a view to supporting the market price of the New Notes at a level higher than that which might otherwise prevail. However, there is no assurance that the stabilizing managers (or persons acting on behalf of the stabilizing managers) will undertake stabilization actions. Any stabilization action may begin on or after the date on which adequate public disclosure of the terms of the offer of the New Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of the New Notes and 60 days after the date of the allotment of the New Notes. Any stabilization action or over-allotment must be conducted in accordance with all applicable laws and rules.

About the Company and Q-Park
Q-Park logo

The Company was formed as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the laws of The Netherlands on May 12, 2017. The Company is a direct subsidiary of the Parent. The Group is a leading parking infrastructure owner and operator in the Western European market, with a large and diversified portfolio of owned, leased and managed parking facilities across seven Western European countries. The Group mainly operates off-street parking spaces owned by it as well as parking spaces under concessions and long-term leases from public and private landlords, with a focus on off-street purpose-built parking facilities at strategic locations. The Group operates 4,315 parking facilities comprising 896,187 parking spaces as of March 31, 2024 in The Netherlands, France, the United Kingdom, Germany, Belgium, Denmark and Ireland.

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