Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Banks prep 500 million pounds loan for HEG's intergenia buy and refinance

Published 19/12/2014, 14:32
© Reuters.  Banks prep 500 million pounds loan for HEG's intergenia buy and refinance

By Claire Ruckin

LONDON (Reuters) - Banks have lined up around 500 million pounds of leveraged loans to back internet domain and hosting company Host Europe Group's acquisition of German-based peer intergenia and refinance existing debt, banking sources said on Friday.

HEG agreed to buy intergenia on Dec.17 from Oakley Capital Private Equity, part of Oakley Capital Investments (L:OCL) and co-owner Bellaxa for 210 million euros.

Cinven agreed to buy HEG in July 2013 from Montagu Private Equity for 438 million pounds, funding the acquisition with all equity. Part of the equity was refinanced with 255 million pounds of leveraged loans once the buyout was complete in August. The loan was provided by a club of nine banks, according to Thomson Reuters LPC data.

HSBC, Lloyds, Societe Generale and UniCredit are arranging the leveraged loan financing to back the merger of HEG and intergenia and refinance existing debt, the banking sources said.

The loan will be split between a senior term loan and a second lien tranche and will be denominated in euros and sterling, they said.

The loan will launch for syndication in January to investors, they added.

Cinven was not immediately available to comment.

HEG provides for around 1.7 million customers in markets including the UK, Germany, Austria, Switzerland and Spain.

(Editing by Christopher Mangham)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.