| LONDON, March 30
LONDON, March 30 Bankers are working on debt
packages of around €1.2bn to back a potential sale of Dutch car
park operator Q-Park, banking sources said on Thursday.
Q-Park is owned by a group of shareholders consisting mainly
of institutional investors, including pension funds and
insurance companies, most of which are Dutch. The company has
been put up for sale and has a price tag of around €2bn, banking
Around five bidders are through to the second round of
bidding due at the end of April, including private equity firm
KKR, Australian investment bank Macquarie and Chinese bidders,
the sources said.
Q-Park, KKR and Macquarie were not immediately available to
Banks are working on different financing packages to suit
the different buyers, varying in structure and leverage.
Typically infrastructure deals can be financed with higher
leverage and will pay lower yields, compared to private equity
deals which offer slightly lower leverage and pay higher yields.
Some €1.2bn of debt financing equates to around 6.5 times
Q-Park's approximate €185m Ebitda, the sources said.
Q-Park is expected to be rated Double B.
Q-Park tapped Europe’s leveraged loan market in 2015 and
signed a €925m credit facility to replace a €1.15bn loan that
was due to mature in 2016, according to Thomson Reuters LPC
That financing, which had a potential final maturity of
seven-years subject to extension options, was provided by five
banks coordinated by ABN AMRO. The other lenders were Rabobank,
ING Bank, KBC Bank and HSBC.
(Editing by Christopher Mangham)