September 18, 2017 / 10:33 AM / 2 years ago

LPC-Banks launch sell down of Clarion’s £380m buyout loan

LONDON, Sept 18 (Reuters) - Banks have launched syndication of a £380m leveraged loan financing backing private equity firm Blackstone’s acquisition of London-headquartered Clarion Events, banking sources said on Monday.

Blackstone agreed to acquire Clarion in July from buyout firm Providence Equity Partners.

HSBC, Natixis and Societe Generale are leading the loan, alongside Barclays and Natwest and a bank meeting will take place to show the deal to investors on September 19, with commitments due by October 2.

The financing comprises a £350m seven-year term loan 1 and term loan 2, offered with 101 soft-call for six months. Further pricing will emerge at the bank meeting.

There is also a £50m six-year revolving credit facility, guided to pay 350bp over Euribor/Libor.

Clarion has over 950 employees in 13 offices worldwide organising events across a range of markets including retail, gaming, defence and security, technology and energy. (Editing by Christopher Mangham)

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