July 17, 2017 / 3:04 PM / 8 months ago

UPDATE 1-LPC-Carlyle’s ADB Safegate buy backed with €685m of debt

(Adds financing details)

By Claire Ruckin

LONDON, July 17 (Reuters) - US buyout firm Carlyle Group’s acquisition of airfield lighting group ADB Safegate will be backed with €685m 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.

Credit Suisse, Citi, HSBC, Deutsche Bank, BNP Paribas, Bank of Ireland and ING have underwritten the debt financing, which comprises a €405m term loan B and a €100m second lien facility, the sources said.

Carlyle declined to comment.

The term loan B is due to launch for syndication to investors after the summer, while the second lien has been preplaced with MV Credit.

The financing also includes €180m of undrawn facilities, the sources said.

Leverage totals 6.25x debt to pro forma last 12 months Ebitda.

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 floodlights 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 and Alasdair Reilly)

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