LONDON Dec 15 Banks are working on loan
financings totalling up to 300m to back a potential sale of
payments group Concardis, banking sources said on Thursday.
German banks put the jointly-held payments group up for sale
earlier this year and private equity firms CVC, Bridgepoint and
a consortium of Advent and Bain are due to hand in final bids on
Banks are working on debt packages of up to 5.5 times
Concardis' Ebitda, which would be provided through senior and
subordinated loans. On an all-senior basis, debt would equate to
up to 4.5 times Ebitda, the sources said.
Some banks are working off an Ebitda of around 34m, while
others are working off an adjusted Ebitda of 55m, the sources
The financing is expected to add to an increasing number of
event-driven loans due to launch for syndication early next
year, in what should be a promising start to 2017 for
institutional investors and bankers in Europe's leveraged loan
Concardis' largest shareholder is Deutsche Bank,
with a 16 percent stake, while smaller stakes are held by
Commerzbank, Unicredit, as well as savings
banks and cooperative banks. They are expected to decide on a
buyer by mid-January.
Concardis offers card payment terminals as well as payment
technology for e-commerce groups and is viewed as a non-core
business by many of its owners.
(Editing by Christopher Mangham)