RLPC-EQT BvD buyout backed with 845 mln euros of loans

LONDON, July 29 Tue Jul 29, 2014 7:44am EDT

LONDON, July 29 (Reuters) - Banks have lined up an 845 million-euro equivalent ($1.14 billion) leveraged loan financing to back private equity firm EQT's acquisition of Dutch information provider Bureau Van Dijk Electronic Publishing (BvD), banking sources said on Tuesday.

EQT announced it had entered into an agreement to buy BvD from Charterhouse on Tuesday.

Deutsche Bank, Goldman Sachs, HSBC and ING are leading the multi-currency financing which is expected to be launched for formal syndication to investors in September, the banking sources said.

The financing includes a 595 million-euro first lien loan denominated in euros, sterling and dollars and a 225 million-euro second lien loan, denominated in euros and dollars. The second lien has been pre-placed with a Goldman Sachs fund. There is also a 25 million-euro revolving credit facility, the bankers said.

Leverage is 5.5 times through the senior and 7.6 times in total, they added.

EQT was not immediately available to comment on the financing.

"Leverage is high but it always has been on this credit. BvD is a well known, great quality asset and a real cash machine. It has a very good existing syndicate of lenders too who could recommit relatively quickly," one of the bankers said.

Charterhouse acquired BvD in July 2011 backed with 505 million euros of leveraged loans. Shareholders took a 210 million-euro dividend payment earlier this year by amending existing debt and raising a new subordinated loan, according to Thomson Reuters LPC data. BvD had debt to earnings of around 6.7 times after Charterhouse took a dividend in February, and before that it was around 4.7 times, the banking sources said.

Established in 1991, BvD is an electronic publisher of private company financial information and has more than 650 employees operating from 33 offices across Europe, the Americas and Asia, according to EQT. (1 US dollar = 0.7444 euros) (Reporting by Claire Ruckin; Editing by Greg Mahlich)