RLPC-CVC buyout of French Vedici backed with 325 mln euro loan

LONDON, July 2 Wed Jul 2, 2014 11:30am EDT

LONDON, July 2 (Reuters) - CVC's acquisition of French healthcare company Vedici will be backed with a 325 million euro ($443.32 million) leveraged loan financing, banking sources said.

CVC agreed at the end of June to acquire Vedici from 3i and NiXEN, a spin-off of the French midcap team from Natixis Private Equity, which bought the business in 2010 from Apax Partners.

BNP Paribas, Credit Agricole, ING, Natixis, and Societe Generale have lined up debt financing to back the deal, which was shown to investors at a bank meeting in Paris last week. Commitments from lenders are due July 11, the banking sources said.

The deal includes a 200 million euro term loan B, paying 425 basis points (bps) over Euribor; a 75 million euro capital expenditure facility, paying 425bp over Euribor; and a 50 million euro revolving credit facility, paying 375bp over Euribor.

CVC declined to comment.

Founded in 2000, Vedici is one of the main players in the private healthcare sector in France employing around 5,300 staff. It had annual turnover of 547 million euros as of December 2012, according to 3i's website. ($1 = 0.7331 Euros) (Editing by Christopher Mangham)


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