UPDATE 2-RLPC-Apcoa Parking Group to restructure debt
(Adds Eurazeo, Apcoa declined to comment)
LONDON Oct 15 (Reuters) - Advisers Lazard and Rothschild are leading a debt restructuring for Apcoa Parking Group , Europe's biggest parking management firm, people familiar with the matter said on Tuesday.
Apcoa is owned by French private equity firm Eurazeo and has around 650 million euros ($883.09 million) of debt that is due to mature in April 2014.
Apcoa said in September that it was exploring a debt refinancing, but two sources said that a full debt restructuring is now expected.
"Apcoa will have to go through a debt restructuring," a European debt restructuring advisor said.
Eurazeo and Apcoa declined to comment.
Investors have been buying Apcoa's debt in recent weeks, hoping to benefit from any potential debt restructuring.
The value of Apcoa's debt has climbed to 89 percent of face value from 83 percent in the last month on the European secondary loan market, according to Thomson Reuters LPC data.
Apcoa was bought by Eurazeo for 885 million euros in August 2007 from Bahrain's Investcorp at the peak of the buyout boom. Eurazeo paid a high purchase price of 17 times debt to Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), bankers said at the time.
The buyout was backed by a 660 million euros of leveraged loans and a 50 million euro loan that backed the acquisition of Central Parking System Europe, according to LPC data.
Apcoa currently manages around 1.3 million parking spaces at over 7,500 locations in 12 countries, according to the company's website.
($1 = 0.7361 euros) (Additional reporting by Alexander Huebner. Editing by Tessa Walsh)
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