Empark Offers €300 Million in Senior Secured Notes Under Proskauer Guidance
Deal News | Apr 17, 2025 | Proskauer Rose (UK) LLP
Proskauer Rose (UK) LLP, an international law firm, advised the financing sources for Empark's recent offering of €300 million in senior secured floating rate notes. This move is integral for Empark, a car parking company owned by Macquarie Infrastructure and Real Asset, to utilize the net proceeds for redeeming its outstanding senior secured notes that are due in 2030 and to allocate capital for a dividend distribution. The advisory role included a significant amendment and restatement of the revolving credit facility (RCF), which involved increasing the commitment by €25 million to a total of €125 million, and extending the maturity of the RCF. The legal teams from Proskauer, namely the High Yield and Bank Finance teams, were led by experienced partners and associates, ensuring a seamless execution of the financial strategies. Proskauer boasts a strategic presence across major financial hubs and commands an esteemed reputation for engaging in complex transactions involving global financial institutions and industry redefining companies.
Sectors
- Legal Services
- Financial Services
- Infrastructure and Real Assets
Geography
- United Kingdom – Proskauer Rose's UK office is leading the advisory role in this financing transaction.
- Iberia – Empark, operating as Telpark, is focused on the Iberian market, making this geography relevant.
- Europe – The €300 million note offering and financial activities are significant to the broader European financial market.
Industry
- Legal Services – This industry is relevant as Proskauer Rose, a leading law firm, is advising on the financial transaction.
- Financial Services – This reflects the nature of the senior secured notes offering and the revolving credit facilities involved in the transaction.
- Infrastructure and Real Assets – Relevant in the context as Empark (Telpark) is owned by Macquarie Infrastructure and Real Asset.
Financials
- €300 million – The aggregate principal amount of senior secured notes offered by Empark.
- €125 million – The total amount of the revised and upsized revolving credit facility.
- €25 million – The increment added to the existing revolving credit facility.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Empark | Target | Company | An Iberian-focused car parking company, commercially known as Telpark. |
| Macquarie Infrastructure and Real Asset | Owner | Company | The company that owns Empark. |
| Proskauer Rose (UK) LLP | Legal Advisor | Company | Advised on the financial transaction for the offering of senior secured notes. |
| Jake Keaveny and Courtland Tisdale | Partners - High Yield Team | People | Led the team for handling the financing source advisement. |
| Philip Bowden and Megan Lawrence | Partners - Bank Finance Team | People | Led the Bank Finance team in the advisory process. |