LONDON Jan 9 Dialysis clinic operator Diaverum is considering a 900 million euro ($1.22 billion) refinancing of its debt via the European and US leveraged loan markets, banking sources said on Thursday.
Bridgepoint acquired Sweden's Diaverum, the ex-Gambro Healthcare, from EQT in 2007 backed with 564 million euros of debt. It raised an extra 50 million euro acquisition facility in 2010, and in 2012 pushed out maturities on a portion of its existing loans to 2015 from 2014, according to Thomson Reuters LPC data.
Bridgepoint hired JP Morgan last year to review future options for Diaverum.
The deal will refinance Diaverum's existing leveraged loans and add an extra 200 million euros of debt to the business which will be used to support future growth as it continues a programme of international expansion in Asia, South America and Russia, one of the sources said.
The refinancing comes as Diaverum expands in Saudi Arabia after it recently won a five-year contract to run 50 percent of the State's dialysis clinics, worth 200 million euros.
Bridgepoint declined to comment.
The refinancing will take away any looming debt maturities which will make it easier for Bridgepoint if it opts to sell the business at a later stage, the sources said. ($1 = 0.7353 euros) (Editing by Christopher Mangham)