The German metering company Ista International GmBH recently purchased by CVC Capital Partners has commenced marketing activities for its Eur1.15 billion or US$1.5 billion of its loans. This move was confirmed by anonymous sources familiar with the transaction.
A lender meeting would be held by May 3 to assist in the selling of the term loan B according to the sources. The term loan B would fall due on 2020 and would pay interest between 450 and 475 basis points or between 4.5 to 4.75 percentage points above the benchmark rates.
The debt is part of the Eur2.3 billion in financing that would include senior and subordinated bonds according to CVC's legal adviser Kirkland and Ellis. The ratio of total debt to EBITDA would be 7.25 times while senior leverage would be about 5.5 times according to the sources.
When sought for comment, the Essen, Germany based Ista did not reply to an email while CVC Frankfurt spokeswoman Phoebe Kebbel declined to provide any comment.
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