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Overview

Bank of China contributes €20 million EUR to a €1.147 billion EUR term loan tranche of a €1.397 billion EUR syndicated loan to KKR to facilitate its acquisition of a 100% stake in Q-Park

Commitments (Constant USD, 2023)$24,000,378
Commitment Year•2017Country of Activity•NetherlandsDirect Recipient Country of Incorporation•NetherlandsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 28, 2017
Start (planned)
Oct 31, 2017
Start (actual)
Oct 11, 2017
End (planned)
Oct 31, 2017
End (actual)
Oct 11, 2017
Last repayment (originally scheduled)
Jul 28, 2022

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • ABN AMRO Bank NV
  • Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)
  • BofA Securities, Inc. (Formerly Bank of America Merrill Lynch (BAML))
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Goldman Sachs Group, Inc.
  • HSBC Bank PLC
  • IDP Holding
  • ING Group N.V.
  • KBC Bank N.V.
  • Mediobanca - Banca di Credito Finanziario S.p.A.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Skandinaviska Enskilda Banken AB (SEB)
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Allied Irish Banks, p.l.c. (AIB)
  • Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG)
  • Royal Bank of Scotland (RBS)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Byzantium Acquisition MidCo 2 B.V.

Loan description

2017 €1.147 billion EUR term loan tranche of a €1.397 billion EUR syndicated loan to KKR to facilitate its acquisition of a 100% stake in Q-Park

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On May 25, 2017, the infrastructure investment platform of KKR & Co. Inc. — a Delaware-incorporated American global investment company and private equity firm headquartered in New York City and listed on the New York Stock Exchange — signed an exclusivity agreement with shareholder committee of Q-Park B.V. — a Netherlands-incorporated parking garage operator headquartered Maastricht, the Netherlands — for KKR to acquire a 100% stake in Q-Park at an enterprise value of €2.95 billion EUR ($3.3 billion USD). KKR outbid Macquarie, Patrizia, CK Infrastructure Holdings, and a couple of Chinese bidders for the auction for Q-Park. On June 14, 2017, 100% of the shareholders of Q-Park (primarily Dutch institutional investors) accepted its offer to acquire Q-Park. Then, on July 28, 2017, financial close was reached on a deal in which a syndicate of 18 banks — including the Bank of China (BOC) — entered into a €1.397 billion EUR ($1.63241 billion USD) syndicated loan agreement with Byzantium Acquisition MidCo 2 B.V.— a Netherlands-incorporated special purpose vehicle wholly-owned by KKR Global Infrastructure Investors II L.P., a Cayman Islands-incorporated global fund focused managed by KKR & Co. Inc. — to facilitate KKR's acquisition of a 100% stake in Q-Park. This loan carried a maturity period of five years and a final maturity date of July 28, 2022 was divided into two tranches: a €1.147 billion EUR ($1.34028 billion USD) term loan tranche and a €250.00 million EUR ($292.13 million USD) revolver tranche. The proceeds were to be used to facilitate the acquisition by replacing (refinance) Q-Park's existing corporate finance package. Bank of China contributed €20.00 million EUR ($23.37 million USD) to the €1.147 billion EUR term loan tranche. In addition to BOC, the following lenders contributed to the tranche: ABN AMRO Bank NV (€90.00 million EUR; $105.17 million USD), Allied Irish Banks, p.l.c. (AIB) (€33.00 million EUR; $38.56 million USD), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (€50.00 million EUR; $58.43 million USD), Bank of America Merrill Lynch (BAML) (€90.00 million EUR), CaixaBank, S.A. (€50.00 million EUR), Goldman Sachs Group (€149.00 million EUR; $174.11 million USD), Hamburg Commercial Bank (HSOB) (€57.00 million EUR; $66.61 million USD), HSBC Bank (€90.00 million EUR), IDP Holding (€45.00 million EUR; $52.58 million USD), ING Group N.V. (€90.00 million EUR), KBC Bank N.V. (€90.00 million EUR), Mediobanca (€41.00 million EUR; $47.91 million USD), MUFG Bank (€60.00 million EUR; $70.11 million USD), Coöperatieve Rabobank U.A. (Rabobank) (€90.00 million EUR), Royal Bank of Scotland (RBS) (€41.00 million EUR), Skandinaviska Enskilda Banken AB (SEB) (€41.00 million EUR), and Sumitomo Mitsui Banking Corporation (SMBC) (€20.00 million EUR). BOC did not contribute to the €250 million EUR revolver tranche, which was provided by the following lenders: ABN AMRO Bank (€20.00 million EUR), AIB (€7.00 million EUR; $8.18 million USD), BBVA (€10.00 million EUR; $11.69 million USD), BAML (€20.00 million EUR), CaixaBank (€10.00 million EUR), HSOB (€43.00 million EUR; $50.25 million USD), HSBC (€20.00 million EUR), ING Group (€20.00 million EUR), KBC Bank (€20.00 million EUR), Mediobanca (€9.00 million EUR; $10.52 million USD), MUFG Bank (€13.00 million EUR; $15.19 million USD), Rabobank (€20.00 million EUR), RBS (€9.00 million EUR), SEB (€9.00 million EUR), and SMBC (€20.00 million EUR). At the time of acquisition Q-Park was one of Europe’s leading parking service providers with a portfolio of 881,465 parking spaces, 6,579 parking facilities, and operations in the Netherlands, Germany, Belgium, United Kingdom, France, Ireland, Denmark, Sweden, Norway, and Finland. Q-Park's car park facilities were either owned or leased, including properties operating under management contracts, with a focus on parking in or near multi-functional inner-city areas, at public transport interchanges, and at hospitals. 99% of Q-Park's parking was in off-street facilities. Q-Park was the largest private manager of parking spaces and controls in the Netherlands and one of the three largest parking companies in Europe. In addition to the debt, KKR Global Infrastructure Investors provided €307.00 million EUR ($358.73 million USD) in cash equity for the acquisition of Q-Park. The acquisition was expected to close in or around September or October 2017. The acquisition by Byzantium Acquisition B.V., a subsidiary of Byzantium Acquisition MidCo 2 B.V., was completed on October 11, 2017.

Staff comments

1. The specific borrowing institution is unclear. AidData has assumed that Byzantium Acquisition MidCo 2 B.V., which was established in May 2017 to acquire the Q-Park, was either the actual borrower or an affiliate thereof and has coded it as the direct receiving institution.