(Makes clear in final paragraph that Jenkins set up Dering)
By Claire Ruckin
LONDON Feb 14 Banks are lining up about 2.65
billion euros ($3.62 billion) of debt financing for private
equity firm Dering Capital to buy French broadcasting masts
operator TDF, banking sources said on Friday.
BNP Paribas, Citi, Credit Suisse
and Goldman Sachs are leading the debt financing, the
TDF owners TPG, Ardian, Charterhouse and French sovereign
wealth fund FSI decided last year to sell the company and hired
Goldman Sachs and Rothschild to do the deal. They are hoping to
get 4 billion euros for TDF to repay its 3.8 billion debt.
A successful sale of the French unit, which accounts for
more than half of the group's revenues, may pave the way for the
disposal of TDF's second-largest unit, its German business -
The debt package totals 7 times TDF's core earnings of
approximately 380 million euros, the sources said, and will
include a mixture of euro-denominated leveraged loans and senior
secured and unsecured bonds.
Dering will be able to tap dollar funds if needed although
enough demand is expected from euro investors because the credit
is well known to that loan market, the sources said.
The New-York based firm became the last remaining bidder in
the race for TDF after a Canadian consortium dropped out.
A number of TDF's existing lenders will remain invested with
the company after a change of ownership, the sources said.
The financing is due to launch for syndication in the coming
weeks and will be sold to banks and institutional investors.
Neither Dering, set up in 2011 by former Blackstone
executive Ben Jenkins, nor TDF were available for comment.
($1 = 0.7317 euros)
(Editing by Louise Ireland)