LONDON, October 10, 2024 – Leading international law firm Proskauer announced today that it advised the financing sources on high yield bond issuances with an aggregate principal amount totaling €685 million by APCOA Group GmbH ("APCOA"), a leading European parking infrastructure operator. Proskauer also advised the financing sources on the amendment and restatement of APCOA's €110 million revolving credit facility as well as the tender offer process for certain of its existing bonds. APCOA is owned by funds managed by private equity firm Strategic Value Partners.
APCOA issued €300 million of 6.00% Senior Secured Notes due 2031 and €385 million of Senior Secured Floating Rate Notes due 2031. The funds have been used to redeem in full APCOA's existing senior secured floating rate notes, finance the tender offer for certain of its existing fixed rate notes and complete a satisfaction and discharge of its remaining existing fixed rate notes.
The high yield bond process was led by partners Jake Keaveny and Court Tisdale and involved associates David Turitzin and Simon Wood (Capital Markets, Global Finance). The revolving credit facility process was led by partners Philip Bowden and Meg Lawrence and involved associates Phil Anscombe, Charlotte Boylin, Emily Carling and Danniyal Lalani (Global Finance).