European car park group Q-Parks has signed a EUR 1.1 bn credit facility with a syndicate of 11 European banks. The facility will be used to refinance an existing loan of EUR 965 mln and to help fund investment plans.

The credit facility was oversubscribed by EUR 250 million from a launch amount of EUR 1 bn. The bookrunning mandated lead arrangers are ING Bank (global coordinator), ABN AMRO, Rabobank International and KBC Bank.

The new credit facility was secured at improved terms and conditions, and Q-Park it incorporates a credit extension that will allow the group to realise its long-term international investment plans. The potential final maturity of up to seven years is subject to extension options.

The total credit facility is split in 3 tranches: EUR 650 mln at a 5-year term loan; EUR 275 mln with a 5+1+1 year term loan and a EUR 175 mln 5-year revolving credit facility.

Headquartered in the Netherlands, Q-Park is one of the three leading providers of parking facilities in Europe and has a portfolio of more than 5,800 parking facilities in 10 Northwestern European countries.