February 3, 2020 / 11:23 AM / 23 days ago

Aenova returns with €440m loan and wider deal expected

LONDON, Feb 3 (LPC) - German pharma company Aenova has returned to Europe’s leveraged loan market for the first time in over five years launching a €440m term loan B on Monday to refinance some of its existing debt, banking sources said.

BC Partners is also expected to inject around €100m of new equity into Aenova and the company is also expected to raise €100m of PIK, one of the sources said.

BC Partners was not immediately available to comment.

JP Morgan is leading the new €440m loan refinancing, alongside Deutsche Bank and a bank meeting is set to take place on February 4 to show the loan to investors, when pricing is expected to emerge.

Investors have been asked to commit to the five-year loan, which is offered with a 0% floor and 101 soft-call for 12 months, by February 14.

The €440m loan will refinance some of Aenova’s existing term loans and second-lien loans. More details are expected to emerge at the bank meeting.

Aenova was last in the loan market in 2014 with a €730m covenant-lite dividend recapitalisation. It consisted of a €500m, six-year term loan B paying 400bp of Euribor with a 1% percent floor, at 99.5. There was also a €155m, seven-year second lien facility paying 750bp, with a 1% floor and 99 OID and a €50m, six-year revolving credit facility.

Deutsche Bank and JP Morgan also led that financing, in which owner BC Partners took a €120m dividend payment.

Editing by Christopher Mangham

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