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Haarmann & Reimer

The EURO880 million senior debt facility backing the buyout of Haarmann & Reimer from German pharmaceutical giant Bayer has launched to sub-underwriters, via mandated lead arrangers Commerzbank and JP Morgan.

The facility comprises a EURO400 million seven-year amortising term loan A at 225bp over Euribor, a EURO190 million eight-year bullet term loan B at 275bp, a EURO190 million nine-year bullet term loan C at 325bp, a EURO40 million seven-year amortising integration facility at 225bp with a 75bp commitment fee and a EURO60 million seven-year revolver at 225b with a 75bp commitment fee. Banks are asked to sub-underwrite EURO100 million with a target final hold of EURO60 million for 135bp upfront.

The EURO880 million of senior debt is part of a EURO1.2 billion financing backing the LBO, which also includes EURO240 million in subordinated debt, which may be taken out by a circa EURO250 million high-yield bond later this year or early next.