RLPC-Stabilus' 415 mln euro buyout loan launched-banks

LONDON, March 28 (Reuters) - The 415 million euro ($654 million) loan to back U.S. private equity firm Paine & Partners' buyout of German gas spring manufacturer Stabilus has launched into syndication, banking sources said on Friday.

Bank meetings have been scheduled for April 3 and 4.

The transaction is split between around 340 million euros in senior facilities and about 75 million euros in mezzanine financing. Following a successful round of mezzanine syndication these levels may change.

The deal is led by coordinating bookrunner JP Morgan which was joined by BNP Paribas, Commerzbank and UniCredit and some unnamed banks in the sub-underwriting phase.

Pricing on the senior term loan facilities ranges from 275 to 375 basis points over EURIBOR, a banker said.

The transaction is touted as one of the new breed of post-crunch buyout loans, carrying a conservative structure and a syndication strategy targeting only banks. Prior to the credit crunch, buyout loans attracted support from both banks and institutional investors.

Bankers also said due to a positive first phase syndication there is relatively little to raise from the market.

Stabilus is a leading maker of gas springs, hydraulic vibration dampers, hydraulic doorstays and automatic opening and closing systems for doors, trunk lids and tailgates. (Reporting by Alasdair Reilly; Editing by Mike Elliott)