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RLPC-Brenntag changes 2.5 bln euro loan to allow IPO-bankers

Fri Nov 20, 2009 6:34am EST

LONDON, Nov 20 (Reuters) - Privately owned German chemical distributor Brenntag is amending its 2.5 billion euro ($3.7 billion) leveraged loan to allow an initial public offering, banking sources said on Friday.

Private Capital

The loan amendment, which brings Brenntag's flotation closer, offers existing lenders increased interest margins to agree changes which include using IPO proceeds to repay junior mezzanine loans before senior debt, a banker close to the deal said.

Reuters reported in September that Brenntag's private equity owner, BC Partners [BCPRT.UL], was planning an equity issue of up to 1.5 billion euros, which would be Germany's biggest flotation in years and leave BC Partners with less than 50 percent of the company. [ID:nLM244316] (Reporting by Tessa Walsh; Editing by Dan Lalor) ($1 = 0.6722 euro)

Private Capital


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