LONDON, Aug 5 (IFR) - The debt financing of Bain Capital and
Altor's acquisition of fish feed business EWOS is likely to
emerge after the summer break, having been underwritten by
Deutsche Bank, Danske Bank and Swedbank, according to two
sources close to the deal.
Altor and Bain emerged as the successful bidders for the
business last month, reportedly beating Permira in the final
round, according to Reuters.
EWOS is being spun out of Norwegian fish farmer Cermaq for
an enterprise value of NOK6.5bn (USD1.08bn). Cermaq is a listed
company, in which the Norwegian state is the principal
shareholder through a 59% stake.
The debt backing the acquisition will launch after the
August break, and possibly as soon as September, according to
one of the sources. The transaction is scheduled to close by the
end of October 2013.
The financing could include a combination of both leveraged
loans and high yield bonds, according to the source, although
the structure is not yet public.
Although Cermaq is divesting its entire stake in EWOS,
Cermaq's farming business Mainstream will enter into a six-year
feed agreement with EWOS on market terms. This contract includes
exclusive deliveries from EWOS for the first two years.
EWOS generated NOK870.6m of Ebitda in 2012, up from
NOK787.6m the previous year. Its first quarter Ebitda in 2013
was NOK79.5m, down from NOK100.7m in Q1 2012.
Carnegie is Bain and Altor's financial adviser, with
Kirkland & Ellis and Thommesen the legal advisers. Cermaq's
financial adviser is ABG Sundal Collier with Schjødt as legal
(Reporting by Robert Smith, Editing by Natalie Harrison)