Bloomberg News

KKR Said to Seek to Amend, Extend A$905 Million Loan Terms

April 03, 2012

Kohlberg Kravis Roberts & Co. asked banks for feedback as it seeks to amend the terms and extend the maturity of a A$905 million ($939 million) loan, according to three people familiar with the matter.

The private equity firm used the debt, due next year, to buy BIS Industries Ltd. from Brambles Ltd. (BXB) in 2006, the people said, asking not to be identified because the details are private. A spokesman for KKR in Hong Kong declined to comment on the financing talks.

The London-based firm bought Brambles Industrial Services and Cleanaway Australia, as the businesses were then known, from Sydney-based Brambles in June 2006, according to BIS Industries’ website. In May 2007, KKR sold the Cleanaway business and the remaining assets were renamed BIS Industries.

The A$905 million loan matures in May 2013, according to data compiled by Bloomberg. The largest portion of that debt pays a margin of 225 basis points more than the benchmark bank bill swap rate, the data show. Having received feedback from banks, KKR is expected to begin marketing debt with revised terms to lenders in about a month, the people said today.

BIS Industries has operations in coal mining, steel and iron ore and provides a range of logistical and distribution services, according to its website.

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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