| LONDON, June 6
LONDON, June 6 The acquisition of Germany-based
packaging group Mauser by private equity firm Clayton Dubilier &
Rice (CD&R) will be backed with $1.6 billion-equivalent of
leveraged loans, banking sources said on Friday.
CD&R agreed to buy Mauser last month from Dubai
International Capital (DIC) for 1.2 billion euros ($1.63
billion), in what was one of the largest asset disposals by the
emirate since its debt crisis in 2009.
The deal will be financed with covenant-lite senior and
junior loans denominated in euros and dollars with Credit
Suisse, Barclays, BNP Paribas, ING, Natixis and Nomura leading
the deal. [ID: nRLP48783a]
The financing will now be syndicated to other lenders and
will be showcased at a bank meeting in London on June 12.
Commitments are due by June 25, the banking sources said.
The financing includes $465 million and 340 million euros of
seven-year, first lien loans and $405 million of eight-year,
second lien loans. There is also a 150 million euro revolver and
a 50 million euro capital expenditure facility, the banking
CD&R beat rival bids from a number of other parties as part
of an auction process, including a joint bid from buyout firm
Ardian in combination with industry rival Technoplast and one
Mauser makes packaging equipment such as cans and drums for
transporting medical waste and other hazardous chemicals.
($1 = 0.7345 Euros)
(Editing by Christopher Mangham)