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
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)