July 17, 2017 / 2:02 PM / 5 months ago

LPC-Carlyle’s ADB Safegate buy backed with approx €600m of debt

LONDON, July 17 (Reuters) - US buyout firm Carlyle Group’s acquisition of airfield lighting group ADB Safegate will be backed with around €600m of debt financing, banking sources said on Monday.

Carlyle agreed to buy ADB Safegate from private equity group PAI Partners for an undisclosed sum, it was announced on Monday.

A number of banks are lining up to provide an underwritten leveraged loan financing to back the buyout and the banking group is expected to include Citi, which acted as a financial adviser to Carlyle on the deal.

Some €600m of loans includes a large portion of undrawn facilities, totalling around €150m, the sources said.

The rest of the loans will comprise a term loan B and could also include a pre-placed second-lien facility, the sources said.

While there could be a small window in the market now to launch syndication of the loan to investors, the sell down is expected to take place after the summer, the sources said.

Carlyle was not immediately available to comment.

PAI Partners bought ADB in 2013 from buyout firm Montagu, for €208m.

ADB was founded in 1920 by Belgian businessman Adrien de Backer, initially as a supplier of flood lights for theatres and sports grounds. It diversified into airfield lighting from 1947 and was acquired by Siemens in 1987, which eventually sold the company on to Montagu in 2009.

In 2016, PAI Partners acquired docking guidance systems specialist Safegate International and merged the two groups to form ADB Safegate. (Editing by Christopher Mangham)

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