May 12, 2014 / 10:21 AM / in 3 years

RLPC-Bankers launch 600 mln euro Deoleo refinancing

LONDON, May 12 (Reuters) - Spanish olive oil bottler Deoleo has launched a 600 million euro ($825.39 million) loan refinancing to get its debt in better shape before minority shareholder CVC launches a full takeover offer, banking sources said on Monday.

CVC already finalised a deal to buy a 29.99 percent stake in Deoleo last month. CVC is aiming to end up with more than 50 percent of Deoleo through a bid for all outstanding shares and a subsequent capital hike.

JP Morgan is leading the refinancing, joined by joint bookrunners BNP Paribas, Credit Suisse, Societe Generale and UniCredit IPO-UCB.F, the banking sources said.

A bank meeting to showcase the deal is scheduled to take place in London on Tuesday and New York on Wednesday, the banking sources added.

The deal includes 460 million euros of first lien loans and 55 million euros of second lien loans. The first lien will be denominated in euros and dollars. There is also an 85 million euro revolving credit facility.

Total leverage is 5.3 times Deoleo’s 92 million euro EBITDA (earnings before interest, taxes, depreciation and amortisation) or 4.7 times through the senior, the sources said.

Deoleo sells one fifth of the world’s bottled olive oil and owns three of the top four brands, Spain’s Carbonell and Italy’s Bertolli and Carapelli. ($1 = 0.7269 Euros) (Editing by Christopher Mangham)

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