Stibbe advised Q-Park on its refinancing transaction
Stibbe advised Q-Park, a leading owner and operator of parking facilities across seven Western European countries, on the successful completion of a transaction which included issuing new notes, conducting a tender offer with respect to existing outstanding notes and an increase and extension of its existing revolving credit facilities.
Q-Park has issued €430 million aggregate principal amount of 5.125% senior secured fixed rate notes due 2029. The tender offer was made to note holders of the outstanding €425 million 1.500% senior secured fixed rate notes due 2025. Q-Park intends to use the proceeds from the offering to, among other things, (i) pay for the eligible notes validly tendered and accepted and (ii) deposit funds with the trustee to satisfy the payment of the principal amount and accrued interest on any existing 2025 notes that may remain outstanding after the completion of the tender offer on 17 January 2025 (Satisfaction and Discharge). The purpose of the tender offer and the satisfaction and discharge, in conjunction with the issuance of the new notes, is to refinance a portion of Q-Park’s outstanding indebtedness. In addition, Q-Park entered into an amendment and restatement agreement to extend and increase its existing revolving credit facilities to €270 million.
Stibbe advised Q-Park on all Dutch aspects of the transaction.
Stibbe worked alongside Simpson Thacher & Bartlett LLP on the transaction.
