Syndication of a 130 million euro loan backing PAI Partners' acquisition of a majority stake in Italian eyewear company Marcolin has closed oversubscribed, banks said in a statement.
Banca IMI, Unicredit and Natixis acted as original mandated lead arrangers and bookrunners on the deal and Unicredit was facility agent. IKB joined the transaction as mandated lead arranger and bookrunner before the deal launched and four additional banks committed during general syndication.
The loan was structured as follows:
- a 55 million euro, six-year term loan A, paying 600 bps over EURIBOR
- a 55 million euro, seven-year term loan B, paying 625 bps over EURIBOR
- a 20 million euro, six-year revolving credit facility, paying 575 bps over EURIBOR
In October 2012, PAI Partners reached an agreement to acquire a controlling 78.4 percent stake in Marcolin Group from its majority shareholders.
Marcolin, a maker of sunglasses for brands including Diesel, Montblanc and Tod's, ranks third in the Italian market by sales after Luxottica and Safilo. The company is headquartered in Italy and has offices across Europe and in the United States, Hong Kong, Japan and Brazil. It had sales of 224.1 million euros and EBITDA of 34.2 million euros in 2011.
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