A&O advises initial purchasers and lenders in connection with Q-Park's high yield issuance, tender offer and revolving credit facility

A cross-border team from Allen & Overy in London, Amsterdam, Paris and Munich has advised the initial purchasers and lenders in relation to the EUR 430 million issuance by Q-Park of 5.125% senior secured notes due 2029 and an amendment and extension of the company’s EUR 270 million revolving credit facility. The transaction also involved a concurrent tender offer for the company’s existing 1.500% senior secured notes due 2025. The notes issuance was the debut European high yield transaction of 2024 and involved an innovative use of proceeds structure, with a portion of the proceeds being deposited in trust to be used to satisfy and discharge the portion of the company’s existing 2025 notes not tendered in the concurrent tender offer.

Q-Park 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. Q-Park 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. Q-Park operates more than 3,500 parking facilities comprising over 680,000 parking spaces as of September 30, 2023 in the Netherlands, France, the United Kingdom, Germany, Belgium, Denmark and Ireland.  

The A&O high yield team was led by London high yield partner Marwa Elborai and senior associate Eileen Kelly and the A&O banking team was led by London banking partner Annette Kurdian and associate Thomas Kleba. Associates Valerio Di Mascio and Chandrasekar Sriram and trainee solicitor Nishant Prasad also assisted on the transaction. The A&O Amsterdam team was led by banking partners Erik-Jan Wagenvoort and Niels de Ru and capital markets partner Jonathan Heeringa, with assistance from counsel Tom Reutelingsperger and associate Teun Brugman. The A&O Paris team was led by banking partners Thomas Roy and Julien Roux, with assistance from senior associate Asha Sinha and associate Antoine Duez. The A&O Munich team was led by banking partner Walter Uebelhoer, with assistance from senior associate Rauni Ahammer and associates Georg Lütkenhaus and Laura Frömel.