Trlpc: Bain backs Wittur buy with 480 mln euros of financing
30/12/2014 13:00
By Claire Ruckin
LONDON, Dec 30 (Reuters) - Four banks have lined up around
480 million euros ($583.54 million) of debt financing to back
US-based private equity group Bain's acquisition of German
elevator components maker Wittur, banking sources said on
Tuesday.
Bain agreed to buy Wittur from private equity groups Triton
and Capvis, the companies announced on Dec. 23, in a deal that
valued Wittur close to 600 million euros. ID:nL6N0U71U8
Credit Suisse, Barclays, Deutsche Bank and RBC have provided
a debt financing to back the buyout, which comprises around 220
million euros of term loans and around 200 million euros of high
yield bonds. There is also expected to be around 60 million
euros of undrawn loans, the banking sources added.
The deal is expected to launch for syndication to investors
in January.
The financing totals around 6 times Wittur's earnings before
interest, taxes, depreciation, and amortisation (EBITDA) of
approximately 70 million euros, banking sources said previously.
Bain declined to comment.
Founded in 1968, Wittur's products include lift machines,
elevator doors, hydraulic devices, safety components, gearless
drives and slings. Customers include Kone KNEBV.HE , Otis
UTX.N and Schindler SCHN.S .
($1 = 0.8226 euros)
(Editing by Christopher Mangham)
((claire.ruckin@thomsonreuters.com; +44 (0)207 542 1891;
Reuters Messaging:
claire.ruckin.thomsonreuters.com@reuters.net))
Keywords: WITTUR LOANS/