Bloomberg News

Advent to Close Sale of Douglas LBO Loans After Bid Accepted

December 06, 2012

Advent International Corp. will next week close syndication of buyout loans backing its acquisition of Douglas Holding AG (DOU), a German beauty retailer.

Lenders have until Dec. 14 to commit to the 830 million euros ($1.1 billion) of senior-ranking loans backing the deal, according to two people with knowledge of the matter, who asked not to be named because the terms are private. The debt includes a 450 million-euro seven-year TLB facility that’s expected to price at about 99 cents on the euro, the people said.

Advent said Dec. 4 it had received acceptances from shareholders owning 76 percent of the Hagen, Germany-based company, more than the 75 percent required for the bid to succeed.

The senior financing also includes a 200 million-euro term loan A and a 180 million-euro credit line, according to data compiled by Bloomberg. There is a 200 million-euro lower-ranking mezzanine portion, the data show. Banks arranging the senior debt are Bayerische Landesbank, Commerzbank AG, Credit Suisse Group AG, Goldman Sachs Group Inc., IKB Deutsche Industriebank AG, JPMorgan Chase & Co., LBBW, Raiffeisen Bank International AG and UniCredit SpA, Advent said Oct. 31.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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