| LONDON, July 29
LONDON, July 29 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
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
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
"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)