KKR’s EURO1.69 billion buyout from Siemens of seven businesses with a combined turnover of EURO3.5bn is a complicated lending prospect. However, the financing has found support at this senior level, in particular from Landesbanks that have relationships with Siemens and its subsidiary companies. The seven businesses will be sold into holding company Demag Holding, which will be 81 per cent owned by KKR, with Siemens retaining the 19 per cent minority.
The EURO1.225 billion senior debt financing for the transaction comprises a EURO435 million seven-year term loan A at 225bp over Euribor, a EURO195 million eight-year term loan B at 275bp over Euribor, a EURO195 million nine-year term loan C at 325bp and a EURO400 million seven-year revolver at 225bp, with a commitment fee of 75bp.
Co-lead underwriters are invited on tickets of EURO85 million for an upfront fee of 165bp, with a target hold of EURO65 million.
Total and senior debt to EBITDA is 3.4x.
If you do not receive this within five minutes, please try and sign in again. If the problem persists, please
email: