Mandated lead arranger BNP Paribas has launched general syndication of the EURO145 million senior debt financing supporting the MBO of French luxury perfume and beauty retailer Nocibe. Kruidvat has agreed to sell the business to Bridgepoint Capital and TCR Industrial Managers for EURO250 million. Proceeds will also partially repay the Nocibe Group’s existing debt.
In a discreet senior syndication, Fortis bank and Groupe Credit Agricole (CADIF) joined as arrangers.
Senior debt comprises a EURO60 million seven-year term loan A paying 212.5bp over Euribor, a EURO25 million seven-year six-month term loan B at 262.5bp over Euribor, a EURO30 million seven-year revolving credit at 212.5bp over Euribor, a EURO15 million seven-year capex facility at 212.5bp over Euribor and a EURO15 million short term credit line at 212.5bp over Euribor. The revolving facilities pay a commitment fee of 75bp. Banks are offered two tickets in syndication. Lead managers committing EURO12.5 million will earn 80bp and managers committing EURO7.5 million will earn 65bp flat. ICG has also provided a EURO35 million mezzanine tranche to support the deal.
Nocibe operates through a personal shopper concept and is the second largest perfume retailer in France. It has 296 stores located across the country.