Stuttgart/Paris, 20 August 2014 - The Group is pleased to announce that it has reached agreement with its Sponsor, Eurazeo SA, and has the support of a majority in excess of 95 % of its lenders who have acceded to a formal lock-up agreement setting out the terms of a financial restructuring of the Group. Under the terms of the deal:
- the Group’s debt will be reduced by more than €440 million, significantly deleveraging the Group’s balance sheet;
- the Group’s projected growth and capital investment programme will be fuelled with €90m of additional financing from Deutsche Bank AG; and
- the refinanced facilities will be extended for a further six year period.
The formal implementation and documentation process of the restructuring via a UK Scheme of Arrangement is expected to conclude during October 2014. The Group’s lenders have therefore already extended the current Group’s financing maturity date to 25 October 2014.
The Group’s Chief Executive Officer, Mr. Ralf Bender, said that agreement of the financial restructuring was a key milestone for the Group and that in removing over €440m of its debt burden, the business would be placed on a sound financial footing, providing the platform to grow and expand its position as the leading European parking manager. APCOA PARKING can now focus solely on what it does best – providing excellent products and services to customers.
APCOA PARKING Holdings GmbH
T: +49 711-94791-0
About APCOA PARKING
APCOA PARKING Group is the leading European parking manager. More than 40 years of operational experience and innovation, the combined know-how from 12 European countries, an annual turnover of 678 million Euro, and a highly diversified portfolio distinguish APCOA PARKING Group from competitors. This business clout, quality of service and stability offered to private and public proprietors keep APCOA PARKING Group in the European top position. More than 30 European airports have chosen APCOA to manage their parking facilities, making the company the market leader in this segment, too. The group currently manages around 1.4 million parking spaces at more than 7,400 locations in Europe. All car parks are managed on the basis of local know-how, individual contracts, tailor-made technical solutions and customer-oriented services. APCOA’s international expertise and innovative clout is powered by 4,700 employees. APCOA Group headquarters are located in Stuttgart (Germany).