Igneo completes Parkia’s refinancing process for €370 million

Cuatrecasas has advised Allianz, Carlyle and Metlife on the debt refinancing process of Parkia, a car park subsidiary of Igneo Infrastructure Partners, the infrastructure division of Australian fund First Sentier. The transaction, completed through a private bond placement under UK law, reached €370 million.

This refinancing will allow Parkia, one of the key operators in the sector with over 38,000 public parking spots throughout Spain and Andorra, to continue growing and diversifying its service portfolio in the Iberian market. Cuatrecasas partner Carlos Lasarte remarked about the process: “It has been particularly challenging because of the high number of international investment vehicles from different jurisdictions and the tax and operational complexities it involved. We are very satisfied with the work done because it is an innovative transaction in the current market context of the private placement of debt.”

The firm’s team that participated in this transaction was led by Finance and capital markets partners Carlos Lasarte and Miguel Cruz Ropero, with the support of the same department 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 team dealing with this transaction’s tax matters was led by partner Rebeca Rodríguez Martínez, with the help of senior associate Javier Calle Bescós and associate José María Vargas-Machuca Reyes.

UK law firm Travers Smith, LLP acted as bond underwriter counsel for English law matters.