Commerzbank to launch Bartec´s EUR 205m buy out loan shortly
Commerzbank to launch Bartec´s EUR 205m buy out loan shortly
Commerzbank to launch Bartec´s EUR 205m buy out loan shortly
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Press release<br />
22 nd September, 2008<br />
<strong>Commerzbank</strong> <strong>to</strong> <strong>launch</strong> <strong>Bartec´s</strong> <strong>EUR</strong> <strong>205m</strong> <strong>buy</strong> <strong>out</strong> <strong>loan</strong> <strong>shortly</strong><br />
Sole Bookrunner <strong>Commerzbank</strong> will <strong>launch</strong> the <strong>EUR</strong> <strong>205m</strong> acquisition facilities backing<br />
Capvis´s <strong>buy</strong> <strong>out</strong> of Bartec GmbH from Allianz Capital Partners <strong>to</strong> General Syndication <strong>shortly</strong>.<br />
The deal has been closed and funded on August 28 th and has been joined by several lenders<br />
during an early stage syndication.<br />
The underwritten financing is structured as follows:<br />
<strong>EUR</strong> 45m, 7 years, term <strong>loan</strong> A, priced at 250 bps. over <strong>EUR</strong>IBOR<br />
<strong>EUR</strong> 46m, 8 years, term <strong>loan</strong> B priced at 325 bps. over <strong>EUR</strong>IBOR<br />
<strong>EUR</strong> 46m, 9 years, term <strong>loan</strong> C priced at 375 bps. over <strong>EUR</strong>IBOR<br />
<strong>EUR</strong> 20m, 7 years, revolving credit facility priced at 250 bps. over <strong>EUR</strong>IBOR<br />
<strong>EUR</strong> 20m, 7 years, acquisition facility priced at 250 bps. over <strong>EUR</strong>IBOR<br />
Including a <strong>EUR</strong> 28m mezzanine facility.<br />
Opening leverage on the deal is 3.96x senior and 4.79x <strong>to</strong>tal and the capital structure is<br />
supported by a 49.2% equity cushion from the Sponsor.<br />
Invitations for General Syndication will be sent <strong>shortly</strong> and a bank meeting will take place at the<br />
end of September.<br />
BARTEC, headquartered in Bad Mergentheim and founded in 1975, is a global provider and a<br />
European market leader of safety technology products and services <strong>to</strong> be used in hazardous<br />
atmospheres. BARTEC designs and manufactures cus<strong>to</strong>mer oriented solutions typically <strong>to</strong> be<br />
found in the oil & gas, chemicals, pharmaceutical and mining industry. The product range<br />
includes micro switches and mo<strong>to</strong>rs as well as high value end products such as process<br />
analyzers, heating systems, switchgears and converters.
Within its 4 strategic segments – Explosion Protection, Measurement/Analyzer Systems,<br />
Electric Trace Heating and Mining – the Company generated sales of more than <strong>EUR</strong> 200m<br />
with a workforce of more than 1.350 employees.<br />
ENDS<br />
For further information, please contact:<br />
Contact Contact number Email<br />
Chris<strong>to</strong>pher Day<br />
Head of Leveraged and<br />
Structured Finance<br />
Alexander Merwart<br />
Direc<strong>to</strong>r, Leveraged Loan<br />
Distribution London<br />
Claire Tappenden<br />
Corporate Communications<br />
Notes <strong>to</strong> Edi<strong>to</strong>rs<br />
+44 207 469<br />
3917<br />
+44 207 469<br />
3925<br />
+44 207 653<br />
7958<br />
<strong>Commerzbank</strong> Corporates and Markets<br />
chris<strong>to</strong>pher.day@commerzbank.com<br />
alexander.merwart@commerzbank.co<br />
m<br />
claire.tappenden@commerzbank.com<br />
<strong>Commerzbank</strong> Corporates and Markets (CBCM) is the integrated Corporate and Investment<br />
Banking division of <strong>Commerzbank</strong> Aktiengesellschaft.<br />
CBCM provides a broad range of Commercial and Investment Banking products <strong>to</strong> large<br />
corporate, multinational and institutional clients. The business incorporates capital markets<br />
activities in credit, equities, interest rates and foreign exchange with a strong focus on<br />
derivatives and structured products.
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