LONDON Dec 15 Banks are lining up a leveraged
loan of around US$300m to back a potential sale of European
airline services firm Accelya, banking sources said on Thursday.
French mid-market buyout firm Chequers Capital put Accelya
up for sale last month and hired BNP and Evercore to advise on
the auction process.
Private equity firms including Bridgepoint, PAI Partners and
Warburg Pincus are through to the final round of bidding after
submitting first round bids on December 5, the sources said.
Warburg Pincus, which owns Dubai-based travel services firm
Mercator, could extract synergies by merging the two companies
if it wins the process, the sources added.
Bridgepoint, PAI Partners and Warburg Pincus declined to
comment. Chequers was not immediately available to comment.
The financing is expected to be denominated in dollars to
match the company's cashflows. It will be syndicated in Europe
as Accelya's headquarters are in Spain and European investors
will be asked to commit in dollars, the sources said.
A 300m loan would give leverage of around six times
Accelya's Ebitda of approximately 50m, the sources said.
Accelya is based in Barcelona and helps more than 200
airlines to streamline their costs and provides services
including accounting, audit, billing and revenue recovery
(Editing by Tessa Walsh)