The concessionaire of the 75-year concession to operate and maintain Chicago’s parking meters – Chicago Parking Meters, LLC, also known as ParkChicago – is working with financial advisor Evercore to prep a sale process for the concession, according to three sources familiar.

The work is in the preliminary stages as the concessionaire is still negotiating compensation after winning an arbitration in April last year related to the city refusing to enforce the city’s parking meter rules at the beginning of the COVID-19 pandemic, a move that could result in millions of dollars in compensation for the sponsors.

Chicago Parking Meters LLC won the contract in December 2008 and reached financial close in February 2009.

The sponsors of the concessionaire – North Haven Infrastructure Partners (50.1%), Allianz Capital Partners (25%) and Abu Dhabi Investment Authority (24.9%) – are currently in the process of refinancing the USD 353m 2025 bonds backing the concession.

Those 2025 notes were part of a wider USD 900m financing, which included USD 389m of 2033 notes and USD 158m of 2038 notes. The concessionaire obtained further financing that same year, and the total debt now stands close to USD 1.1bn, according to the concession’s latest audited financial statements of 31 December 2023.

Chicago Parking Meters, LLC and its sponsors declined to comment. Evercore did not respond to requests for comment in time for publication.