Financing in brief

UniCredit Group, RBS and UBS have been mandated as bookrunners on the debt backing Cinven’s €1.285bn buyout of Phadia from PPM Capital and Triton. The exact structure of the deal has yet to emerge but it is expected to be highly leveraged as the company has been a focus for private equity houses in the past. In 2004, it was bought from Pfizer by PPM Ventures and Triton Partners for US$575m, with the deal financed by RBS and SG.

• In what is the largest private equity transaction in the Czech Republic and the largest buyout in Central Europe, Altima has sold Radiokomunikace and a stake in T-Mobile Czech Republic to a consortium of private equity investors. The €1.2bn buyout is supported by a €750m senior and mezzanine debt package through MLA ING. Bankers said the mezzanine slug was around the €100m size. The investors, Al-Bateen Investment Company, Lehman Brothers Private Equity and Mid Europa Partners, have acquired 100% of Radiokomunikace, a Czech broadcasting group, and a 39.23% stake in T-Mobile Czech Republic.
• BSN Medical is in the market with a €80m add-on to its €755m leveraged financing of earlier this year that backed Montagu Private Equity’s buyout of the company, through bookrunner JPMorgan. The add-on, to the deal’s B tranche, will fund an acquisition in France. The original deal, the pricing on which was flexed down 25bp across the B and C tranches after an oversubscription, comprised a €150m seven-year term loan A at 225bp over Euribor, a €167.5m eight-year term loan B at 225bp, a €167.5m nine-year term loan C at 275bp, a €50m seven-year revolver at 225bp and a €20m seven-year acquisition facility. Subordinated debt was split between a €65m 9-1/2-year second lien tranche at 500bp and a €135m 10-year mezzanine tranche, which has yet to be priced.
• Bookrunner SG is out with a €230m recapitalisation of Vestar’s Italian Salami maker Fiorucci. The package is structured as a short-term facility, which will be taken out by longer term loans once a planned securitisation programme is complete. The initial all senior debt package consists of a €170m 12-month term loan paying 230bp over Euribor, a €40m 12-month unsyndicated bridge paying 175bp and a €20m 12-month revolver paying a drawn margin of 230bp. Once the securitisation is in place, the loan will be replaced by a €80m 7-1/2 year amortising term loan A paying 140bp, a €90m 8-1/2 year term loan B paying 230bp and a €20m 7-1/2 year revolver paying 90bp drawn. Tranche A is fully secured, explaining the relatively low margin. Leverage is 5.2x to total debt and 4.3x excluding the B tranche. Lenders are invited to join on €25m for 70bp. Vestar bought out Fiorucci last year in a deal that was backed by a €295m leveraged loan.