October 3, 2017 / 4:46 PM / a year ago

LPC-Bankers prep €350m of debt for Axilone sale as final bids due

LONDON, Oct 3 (Reuters) - Bankers are working on debt financings totalling around €350m to back a potential sale of French packaging company Axilone as final bids are due, banking sources said on Tuesday.

Oaktree acquired Axilone in 2011 and put it up for sale during the summer, hiring Rothschild to run the process, the sources said.

Oaktree was not immediately available to comment.

Final bids were due on October 3 and the sale is expected to attract around four private equity firms, all with links to Asia given Axilone’s presence in China. One trade buyer is also expected to submit a bid, the sources said.

Some €350m of debt financing equates to around 6.0 times Axilone’s approximate €55m Ebitda, including undrawn facilities, the sources said.

The debt is expected to comprise senior leveraged loans and second lien loans, the sources said.

Axilone manufactures plastic and metal packaging for the lipstick, fragrance and skincare segments. The company operates in France, Spain, the US and China, according to Oaktree’s website. (Editing by Alasdair Reilly)

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