Stada - New Issue Comment
Stada, the German producer of generics and over-the-counter pharmaceuticals, is issuing €485m of 7NC3 senior secured notes and €340m of 8NC3 senior notes. Proceeds will enable repayment of the €485m secured bridge facility and the €340m unsecured bridge facility related to the LBO by Bain Capital and Cinven. The private equity firms acquired 65% stake last August based on an enterprise value of €5.4bn, injecting €2.9bn of equity (50% of the funding), alongside €2bn of new term loan, €300m of cash on the balance sheet and those temporary lines, which are now refinanced.
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