September 5, 2017 / 11:11 AM / 10 months ago

LPC-Sebia launches €1bn-equiv loan for buyout and refi

LONDON, Sept 5 (Reuters) - A €1bn-equivalent financing backing Caisse de dépôt et placement du Québec’s (CDPQ) acquisition of a significant minority stake in French medical diagnostics company Sebia has launched for syndication, banking sources said.

The Canadian institutional asset manager agreed to buy the 46% stake from private equity firms Astorg Partners and Montagu Private Equity, it was announced on August 10.

Nomura is leading the financing, having bagged a lucrative sole bookrunner role, which will back the acquisition and refinance €460m and US$195m of existing term loan B debt.

The financing includes a €620m seven-year term loan B and a US$225m seven-year term loan B, as well as a €185m eight-year holdco PIK facility.

There is also a €20m revolving credit facility.

Pricing is set to emerge at a bank meeting on September 11 and investors have been asked to commit to the deal by September 22.

Sebia last tapped the loan market in December 2016 when it raised a €200m-equivalent add-on term loan, due December 2021.

The add-on was split between an €88.5m tranche, paying 350bp over Euribor with a 0% floor and a US$124m tranche, paying 325bp over Libor with a 1% floor. Both loans allocated at par. At the same time, Sebia repriced existing debt in line with the add-on.

Editing by Christopher Mangham

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