The senior debt facility backing the EURO460 million LBO of Fiat’s Teksid aluminium unit by a consortium of private equity houses led by Questor Management will total EURO170 million. The leveraged loan should launch to market later this month, via mandated lead arranger JP Morgan.
The consortium, which also comprises JPMorgan Partners, AIG and Private Equity Partners, is paying EURO290 million in cash for Teksid, with the remaining EURO160 million accounted for by the target’s debt.
The sale of Teksid is part of Fiat’s disposal programme, which is aimed at reducing net debt to EURO3 billion from EURO6 billion and gross financial debt to EURO23.6 billion by the time it approves its 2002 annual report.
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