RLPC-Infront Sports raises extra debt for dividend payment

LONDON, July 3 Thu Jul 3, 2014 10:37am EDT

LONDON, July 3 (Reuters) - Swiss sports marketing company Infront Sports & Media is seeking to raise an extra 155 million euros ($211.43 million) of loans to pay private equity owner Bridgepoint a dividend, banking sources said on Thursday.

Credit Suisse, Goldman Sachs and Nomura are leading the deal which was shown to institutional investors at a bank meeting on Thursday.

Bridgepoint acquired Infront Sports in 2011 from Jacobs Holding and shareholder Martin Steinmeyer, financing the deal with equity and a vendor loan but without new bank facilities. In 2013 the buyout house raised 300 milliion euros of loans, of which 160 million euros was taken out as a dividend.

The new loan is split between a 70 million euro first lien loan, paying 500 basis points (bps) over Euribor with 99.5 original issue discount (OID) and an 85 million euro second lien loan, guided to pay between 800-850bps at 98.5 OID, the banking sources said.

Much of the first lien loan has been preplaced so syndication will focus on the second lien, the banking sources said.

Bridgepoint was not immediately available to comment.

Based in Zug, Switzerland, Infront promotes sports events and handles media production and distribution rights for events including the FIFA World Cup and Olympic winter sports federations. ($1 = 0.7331 Euros) (Editing by Christopher Mangham)