Cuatrecasas advised Allianz, Carlyle and Metlife on the debt refinancing of Parkia, the car park subsidiary of Igneo Infrastructure Partners, the infrastructure division of Australian fund First Sentier. The transaction, carried out through a private bond issue and subject to English law, amounted to €370 million.
This refinancing will allow Parkia, one of the leading operators in the sector with more than 38,000 parking spaces in Spain and Andorra, to continue to grow and diversify its portfolio of services in the Iberian market. Commenting on the process, Cuatrecasas partner Carlos Lasarte said: “It has been particularly challenging given the large number of international investment vehicles involved from different jurisdictions, with the tax and operational complexities that this entails. We are very satisfied with the work done, as it is an innovative operation in the current context of the private placement market”.
The firm’s team involved in this transaction was led by partners Carlos Lasarte de Launet and Miguel Cruz Ropero, who were supported by associates Ángel Rodríguez Gómez, Jaime Juan Rodríguez Lozano, Marina Pérez de Siles Romero, Ramiro Guisasola Abal, Miguel Ángel Gonzalo Salazar and Sara Ruiz Pareja. The Tax team for this transaction was led by partner Rebeca Rodríguez Martínez, assisted by senior associate Javier Calle Bescós and associate Jose María Vargas-Machuca Reyes.
The English law firm Travers Smith LLP acted as legal advisor to the underwriters of the bonds on English law matters.