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Carlyle Provides $750MM Debt Financing for The Parking Spot

February 05, 2024, 07:50 AM
Filed Under: Specialty Industries

Carlyle closed a $750 million senior secured debt financing for The Parking Spot, the largest near-airport parking company in the United States. The facility will support the refinancing of existing debt associated with a subset of The Parking Spot’s portfolio consisting of 28 near-airport parking facilities located across 18 major US airports in 13 states. Carlyle served as the sole manager, sole structuring agent, and ratings advisor for the transaction.

The Parking Spot, a portfolio company of Green Courte Partners, LLC since 2011, was founded in 1998 and manages a diversified portfolio of near-airport parking facilities serving major US airports. With 42 locations at 24 airports, The Parking Spot is the leading provider of parking in the country and currently has four million members in its loyalty membership program.

“Carlyle is delighted to partner with The Parking Spot and support the ongoing success of their business,” said Nikola Simic, a Managing Director on Carlyle’s Infrastructure Credit team. “Given their impressive track record, we are confident in The Parking Spot's continued expansion in the near-airport parking sector throughout the United States.”

“This transaction will enable The Parking Spot’s continued growth as the market leader in our segment, offering the flexibility and certainty required for our business,” said Tim O’Malley, President and Chief Executive Officer at The Parking Spot. “Carlyle’s investment is a significant milestone for our company, providing us with the capital and strategic support to expand our operations and continue delivering exceptional service to our customers.”

As of September 30, 2023, Carlyle Global Credit manages $150 billion in assets, of which over $4 billion is dedicated specifically to the infrastructure credit sector. Carlyle’s Infrastructure Credit platform is an active provider of directly originated, privately negotiated financing solutions across the capital structure, from investment grade through mezzanine debt. The Infrastructure Credit platform has extensive experience providing credit solutions to companies in the transportation sector, including operators of ports, airports, toll roads, and parking facilities. The team is also active in renewable energy, power, midstream energy, digital infrastructure, social infrastructure, and water & waste sectors.

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