PE-owned SPIE in €375m high-yield refinancing
French engineering group SPIE, acquired by a consortium of private equity houses last year, has priced a €375m high-yield bond to refinance the debt structure put in place at the time of the buyout, according to reports.
The bonds will refinance a €375m bridging loan, arranged to partly finance the €2.1bn buyout of SPIE led by Clayton Dubilier & Rice (CD&R) from PAI partners in May last year.
Morgan Stanley, Societe Generale, HSBC, Credit Agricole, Deutsche Bank, BNP Paribas and Natixis are said to be marketing the offering. The bonds will mature in August 2019, and come with an 11% yield.
A €1.335bn senior term and revolving credit facility was arranged to finance the May 2011 deal. A banking pool composed of Morgan Stanley, HSBC, Société Générale, Deutsche Bank and Crédit Agricole CIB is understood to have provided the senior element.
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