Elis - Special Comment
TRANSACTIONS OVERVIEW
Elis, the French linen services provider, is selling a new EUR benchmark senior unsecured bond with expected 5Y-8Y maturity in one or two tranches, part of an €3bn EMTN program. The proceeds will be used to complete the refi-nancing of the €1,920m bridge loan set up for 12 months from June 2017 (with a one-year extension option) related to the acquisition of UK competitor Berendsen. The deal, which closed on September 12, consisted of a cash offer (43% of the transaction) funded by the bridge loan, and new Elis shares (57%), for a total equity value of €2.5bn plus the absorption of c. €0.5bn of Berendsen’s net debt. Around €975m of the bridge has already been refinanced through a €200m capital increase reserved for shareholder CPPIB, and the issuance of €400m of OCEANE due 2023 in October, of €200m of term loan and €75m of Schuldschein in November, as well as of €100m of bank debt.
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.