Ista To Sell Bonds To Cover CVC Capital Purchase

By

Ista International would be selling bonds to help CVC Capital Partners' Eur3.1 billion or US$4.1 billion buyout of the German metering company. The deal is a dual tranche bond issue, with the first tranche of Eur500 million senior secured notes due on 2020 and a second tranche of Eur525 million of senior subordinated securities falling due on 2021.

The bond issue was confirmed by an anonymous source familiar with the situation and the investor meetings would commence on May 6 for the deal.

CVC had previously agreed to purchase the stakeholdings of Charterhouse Capital Partners LLP in Ista. This acquisition is funded through a Eur1.15 billion seven year term loan B portion and a Eur150 million credit line, according to the distributed bond marketing materials.

Ista's spokesman Markus Pliessnig declined to make any comment on the matter.

Ista's business is providing meter reading services for utilites as well as hardware to owners, managers and companies in 25 different countries.

Tags
CVC Capital, Sale, Bonds, Loan

© 2024 VCPOST.com All rights reserved. Do not reproduce without permission.

Join the Conversation

Real Time Analytics