Q-Park, a private operator of car parks ranked as the 3rd largest in Europe, last week closed a Euro 300 mln securitisation, called ‘Quality Parking 2007’. Rabobank International acted as arranger and bookrunner.
‘Quality Parking 2007’ is the first ever European securitisation deal comprising entirely of car park collateral. The transaction is secured on 23 car parks, 15 of which are based in the Netherlands and 8 in the UK.
This was also Q-Park’s debut issue in the capital markets. Securitisation provides an attractive diversification of Q-Park’s existing funding sources.
The AAA ratings of the Notes issued reflect the quality of the underlying collateral and the sustainability of cash flows.
The issue was twice oversubscribed and was placed with major investors in 10 countries, especially in the UK, Germany, France and the Benelux and priced at the very tight end of the price guidance.
Ward Vleugels, Chairman of the Executive Board Q-Park nv comments: “we are very proud that the AAA rating of the Notes and the overwhelming international subscription, implicitly confirm our leadership on quality in parking”.
Jacques Straetmans, Executive Director at Rabobank comments “This was a challenging transaction, that required novel solutions. It is a great asset class and a very fine company and we are very happy with the result”.
Q-Park is one of the leading players in the European parking industry and owns, operates, manages and runs — fully, or in combination — multi-storey car-parks. The Q-Park mission is to deliver high-quality parking and related customer-oriented services, focusing on speed, convenience, safety, and hospitality at key locations such as city centres, airports, railway stations and hospital sites.
The Rabobank Group comprises 188 independent local cooperative Rabobanks in the Netherlands plus their central organisation Rabobank Nederland and its subsidiaries. Rabobank serves more than 9 million private individuals and corporate clients in the Netherlands and a growing number abroad. It employs over 56,000 staff and is represented in 42 countries. The Rabobank Group has the highest credit rating (AAA) awarded by the international rating agencies Moody’s and Standard & Poors. In terms of Tier 1 capital, the organisation ranks among the world’s fifteen largest financial institutions.
For more information, please contact:
Chairman Executive Board
Executive Director Securitisation