LONDON Aug 1 Bankers are working on debt
financing up to 415 million euros (555.89 million US dollar) to
back a potential sale of Corialis, as Advent International
enters exclusive negotiations for the Belgian aluminum systems
manufacturer, bankers said on Friday.
Advent said on Friday that it had entered exclusive
negotiations with Corialis owners Sagard and Ergon to buy the
business along with its management.
Jefferies, Rabobank and UBS have lined up a covenant-lite,
leveraged loan of up to 414 million euros or 5.5-6 times
Corialis' Earnings Before Interest, Taxation, Depreciation and
Amortisation (EBITDA) of approximately 69 million euros, the
Advent was not immediately available to comment on the
The loans consist of a first and second lien tranche and
will be syndicated to institutional investors, the bankers
In January, Corialis, formerly known as Aliplast, extended
the maturities of its 2007 buyout loan and increased the margins
via agent and co-ordinator Rabobank, to improve its capital
structure before a potential sale.
Sagard and Ergon Capital Partners bought a majority stake in
Corialis in January 2007, backed with 331 million euros of debt,
according to Thomson Reuters LPC data.
Corialis is a supplier of aluminium systems for windows,
doors, conservatories and curtain walls across Belgium, France,
the UK and Poland.
It employs 1,200 people and generated revenues of 321
million euros in 2012, according to Sagard's website.
(1 US dollar = 0.7465 euro)
(Editing by Tessa Walsh)