November 27, 2017 / 11:50 AM / 20 days ago

LPC-Bank trio line up €800m loans for Kiloutou buy

LONDON, Nov 27 (Reuters) - Three banks have underwritten around €750m-€800m of leveraged loans to back an acquisition of a majority stake in French-headquartered industrial and construction equipment rental company Kiloutou, banking sources said.

Investment companies HLDE and HLDI agreed to buy Kiloutou from PAI Partners and Sagard, it was announced on November 20.

BNP Paribas, Natixis and Societe Generale have underwritten the covenant-loose leveraged loan that is set to be syndicated to institutional investors, the sources said.

The financing includes a senior term loan and around €100m of undrawn facilities, the sources said.

Kiloutou employs around 4,300 people in Europe across countries including France, Poland, Spain, Italy and Germany. Sales are expected to be over €600m in 2017 with Ebitda close to €200m. (Editing by Christopher Mangham)

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