MAASTRICHT, the Netherlands, November 17, 2011 /PRNewswire/ --
Q-Park has signed a credit facility of EUR 1.1 billion to refinance an existing loan of EUR 965 million, to obtain additional credit to realise investment plans and to refinance existing indebtedness. The credit facility, which was oversubscribed in syndication by EUR 250 million (from a launch amount of EUR 1 billion), is provided by an international bank syndicate of 11 European banks. The Bookrunning MLA's are ING Bank N.V. (Global Coordinator), ABN AMRO, Rabobank International and KBC Bank NV.
The new credit facility, bearing improved terms and conditions, incorporates a credit extension that will allow the group to realise its long-term international investment plans. The potential final maturity of up to 7 years - subject to extension options - guarantees Q-Park's continuity and financial stability. Furthermore, the new bank syndicate has an even stronger international profile which means greater affinity with the countries in which Q-Park operates.
The total credit facility is split in 3 tranches:
EUR 650 million 5 year term loan
EUR 275 million 5+1+1 year term loan
EUR 175 million 5 year Revolving Credit Facility
Ward Vleugels, CEO and chairman of the executive board said:
"We are delighted with the international bank syndicate's long-term commitment to Q-Park because this demonstrates their confidence in our strategic direction and faith in our plans for growth in Western Europe. We are therefore most grateful to the banks for their effort and support."
ING Bank N.V. on behalf of the banks
"The banks are very pleased to have been able to both increase the facility amount and enlarge the banking syndicate despite prevailing market turmoil. It underlines the confidence the banks have in Q-Park's strategy as well as the resilience of its business models under challenging economic conditions."
Q-Park is one of the three leading providers of parking facilities in Europe, whether wholly-owned, under management or in a hybrid business model. Q-Park is a recognised leader in quality in parking, has a portfolio of more than 5,800 parking facilities and a strong market position in 10 North-West European countries: the Netherlands, Germany, Belgium, Great Britain, France, Ireland, Denmark, Sweden, Norway and Finland.
Bookrunners and Mandated Lead Arrangers: ING Bank N.V., ABN AMRO, Rabobank International, KBC Bank NV
Mandated Lead Arrangers: Svenska Handelsbanken AB
Lead Arrangers: HSBC, Le Credit Lyonnais
Arranger: Deutsche Bank Nederland N.V.
Co-Arrangers: BanqueLBLux, Banque PALATINE (Groupe BPCE), Caisse d'Epargne Nord France Europe (Groupe BPCE)
SOURCE Q-Park NV