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.
1Quality 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-Parks debut issue in the capital markets. Securitisation provides an attractive diversification of Q-Parks 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 .