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IPark Inc., established in 1970 in Ottawa, is one of North America’s leading parking management companies, operating: iPark Case study, AU, Canada
|University||Athabasca University (AU)|
- IPark Inc., established in 1970 in Ottawa, is one of North America’s leading parking management companies, operating 2600 parking facilities with 550,000 parking spaces in 34 cities across Canada and the US.
- iPark is owned by Canadian Private Equity, a strategic relationship of the Bank.
- The Bank is being asked to join an existing club deal of 2 existing banks and one other new bank, with financing being increased from US$150 million to US$300 million to facilitate the purchase of Congressional Parking Systems (CPS), a US-based firm that will further increase iPark’s US footprint. CPS is expected to be the latest in a long line of successful acquisitions for iPark. The purchase price is US$170 million, financed by the US$150 million term loan increase and by Canadian Private Equity, which will be injecting the US$20
- CPS owns Gulfpark, a Subsidiary with non-recourse debt. Gulfpark will not guarantee this loan and will be sold post-acquisition.
- A US$40 million revolver is provided, though the Bank will only be part of the term loan. Security is pari passu with the term loan.
- iPark focuses on urban parking lots, CPS focuses on specialty lots requested?
1. Based on the presented information, would you extend the loan as requested?
2. What is the main credit risk you see?
3. Based on the attached definitions, please provide a rating and rationale for this company. Is this
investment or non-investment grade?
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