3i-backed Action in €275m refinancing

BNP Paribas, Natixis, Rabobank and UBS arranged the €275m term loan C, syndicated to both existing and new lenders. Action's total senior debt facilities now amount to €621m.

The proceeds will be used to refinance an existing vendor loan note in full and partially repay shareholder loans, in addition to the dividend payout.

3i will cash in the dividend on 9 September. Following this, the GP's distribution calculation for the 2014 financial year will now total £723m.

Previous funding
3i acquired a majority stake in Dutch retailer Action as part of a management buyout valued at a reported €500m in 2011. The investment was channelled via 3i's buyout vehicle, Eurofund V. Rabobank was the sole mandated lead arranger and bookrunner for an all-senior financing package to support this transaction.

The company has since then seen its EBITDA grow from €71m in 2010's financial year to €99m in 2012's, according to 3i. The group's footprint has also grown from 245 stores in 2010 to 321 in 2012.

Company
Located in Zwaagdijk-Oost, north Holland, Action is a retailer that was established in 1993. The group does most of its business in the Netherlands and Belgium, with a growing presence in Germany and France.

The company's product range includes household and office supplies, cosmetics, food, toys, textiles, glass, porcelain, pottery and DIY.

Action employs more than 11,000 people.

People
Menno Antal worked on the deal for 3i.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Benelux
• Restructuring
• 3i
• Refinancing