April 15, 2019 / 10:25 AM / 4 months ago

Five banks close €185m DORC buyout loan - sources

LONDON, April 15 (LPC) - A €185m (US$209.27m)leveraged loan financing backing Eurazeo’s buyout of Netherlands-based medical equipment provider DORC has closed and allocated on Europe’s secondary loan market, banking sources said.

Bank of Ireland, HSBC, ING, Jefferies and Unicredit led the financing, which comprises a €155m, covenant-loose term loan B and a €30m revolving credit facility.

The term loan closed at 425bp over Euribor with a 0% floor, the tighter end of 425bp-450bp guidance. It allocated at 99.5 OID on April 12, the sources said.

Eurazeo entered into exclusive discussions to acquire DORC from Montagu Private Equity, investing close to €300m in the transaction, it was announced on March 13.

Montagu acquired DORC in 2014, backed with a €110m unitranche financing provided by GE Capital and Ares, according to LPC.

Established in 1983, DORC operates in the medical technology sector and specialises in vitreoretinal surgery. It designs, manufactures and distributes ophthalmic surgery equipment, consumables and instruments and has more than 500 employees, serving over 5,700 surgeons across 80 countries. ($1 = 0.8840 euros) (Reporting by Claire Ruckin; Editing by Alasdair Reilly)

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