RLPC-3i Acquires Etanco with 205 mln euros of Debt

2011-10-03

According to Reuters, British private equity firm 3i's acquisition of French building fastener and fixing company Etanco from IK Investment Partners is backed by 205 million euros (US$280 million) of loans, sources close to the deal said on Wednesday.
French banks CIC, Credit Agricole and Societe Generale are arranging the debt package which includes a 75 million euro term loan A paying 450 basis points (bps) over EURIBOR; an 85 million term loan B paying 500 bps over EURIBOR; and a 15 million revolving credit facility and 30 million capital expenditure facility both paying 450 bps over EURIBOR, sources said.
The term loan B matures in seven years while the other facilities mature in six years.
3i declined to comment.
A bank meeting has been set for Monday in Paris when the deal will launch to wider syndication, the sources said.
3i announced its acquisition of a majority stake in Etanco last week, a deal which will also see incumbent chief executive Ronan Lebraut re-investing in the business and retaining a 25 percent stake.
European private equity firm IK Investment Partners acquired Etanco in 2008 backed by 172 million euros of debt according to Thomson Reuters LPC.
Etanco, founded in 1952, is a leader in the design, manufacturing and distribution of building fastener and fixing systems. It is headquartered near Paris with 600 employees. ($1 = 0.731 euro)