Credit Lyonnais and Deutsche Bank (bookrunner) are mandated lead arrangers of the EURO295 million senior debt facility backing Panzani’s buyout of French pasta company Lustucru. Private equity sponsors Paribas Affaires Industrielles, Fonds Partenaires and Edouard Stern back Panzani’s acquisition. Natexis Banques Populaires joined the facility prior to syndication.
The facility comprises a EURO125 million seven-year term loan A at 225bp over Euribor, a EURO60 million eight-year term loan B at 275bp over Euribor, a EURO60 million nine-year term loan C at 325bp over Euribor and a EURO50 million seven-year revolver at 225bp over Euribor with a 75bp commitment fee.
Co-arrangers are invited to join tranches A, B and D on a pro-rata basis for 75bp upfront for commitments of EURO15 million, while institutional investors are asked into tranche C on tickets of EURO10 million for 25bp upfront. Additionally, there is EURO85 million in mezzanine debt that Deutsche Bank is syndicating separately.
Total debt to EBITDA is 5.2x, while senior debt to EBITDA stands at 3.9x.