RLPC-Scandlines launches 875 mln euro debt deal
LONDON Oct 2 (Reuters) - Ferry group Scandlines has launched an 875 million euro ($1.18 billion) senior secured loan package to refinance existing debt and back private equity firm 3i's acquisition of a stake in the business it does not already own, banks arranging the transaction announced on Wednesday.
3i's buyout of a 51 percent stake held by co-owner Allianz Capital Partners (ACP) and management values Scandlines at more than the 1.3 billion euros and comes after an attempt to find a buyer for the business failed earlier this summer.
The 875 million euro refinancing has been arranged and underwritten by Danske Bank, Deutsche Bank, Goldman Sachs, ING, JP Morgan, Mizuho, Societe Generale and UBS and a bank meeting is scheduled to take place in London on October 8 to showcase the deal to debt investors.
The debt includes a 265 million euro, six-year term loan A that pays an interest margin of 425 basis points (bps) over Euribor; a 525 million euro seven-year term loan B paying 475 bps; a 35 million euro revolving credit facility and a 50 million euro capital expenditure facility, both with a six-year maturity, paying 425 bps.
Private equity firms 3i and ACP bought Scandlines for 1.5 billion euros at the peak of the buyout boom in 2007, backed with 1.28 billion euros of debt, according to Thomson Reuters LPC data. Another minority investor in the deal was bought out in 2010.
Scandlines, established in 1998, carries passengers and freight between Denmark, Germany and Sweden. In 2012 it carried 11.7 million passengers, 2.7 million cars and 0.8 million cargo units. In 2012, it saw a 6 percent rise in recurring EBITDA (earnings before interest, tax, depreciation and amortisation) to 193 million euros, compared with 2011. ($1 = 0.7393 euros) (Editing by Christopher Mangham)
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