Bankers prepare €1.2bn package for Vinci Park acquisition


france french parisA group of banks will provide a €1.2bn debt financing package for the buyout of French construction group Vinci‘s car parks business by private equity firm Ardian and Credit Agricole‘s insurance arm.

Seven banks including Barclays and BNP Paribas, which advised on the acquisition, will provide around €1.2bn of infrastructure loans to back the deal, said Reuters, citing sources.

The package will likely include investment grade five-year term loans and revolving credit facilities and some of the loans will be refinanced at a later stage via the bond market, said the report.

Vinci is currently in exclusive talks to sell three quarters of Vinci Park to Ardian and Credit Agricole for €1.425bn, which puts the total value of the unit at €1.96bn.

Vinci Park operates about 2,600 parking-lot assets in 14 countries, and had revenues of €615m in 2012.

The completed deal would see the business expand into high-growth markets such as North America, Latin America and Asia.

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