PE-backed Spie refinances debt

Spie has received a new €625m senior credit facility at Euribor +4.25%, which matures in August 2019.

The company has also raised an additional €186m second lien facility at Euribor +7.75% with a floor of 1%, which matures in January 2022.

The new facilities have allowed Spie to repay its €375m bond with an 11% interest rate, which was due to mature in 2019. It has also allowed the company to pay back 72% of its shareholder loan – which has an 8% capitalised interest rate – equivalent to €430.5m.

Spie has also set up a €100m loan facility, due to mature in August 2018, to facilitate the financing of acquisitions.

Last year, Spie launched and subsequently abandoned an IPO. The company announced plans to raise up to €921.5m in an IPO on the Euronext Paris in September 2014, but abandoned its listing plans the following month.

The flotation would have valued Spie at around €2.75bn. In a statement released at the time, Spie stated it had postponed its IPO due to "volatile market conditions".

Previous investment
Ardian and CD&R bought Spie alongside Caisse de Dépôt et Placement du Québec in May 2011. The three parties acquired the business from PAI Partners, which had owned it since 2006, for €2.1bn.

A €1.335bn senior term and revolving credit facility was arranged to finance the May 2011 deal. Part of this was a €375m bridge loan, which was refinanced when Spie placed a high-yield bond of the same value in early 2012.

Company
Spie, headquartered in Cergy, is a provider of multi-technical services within the electrical, mechanical, and heating, ventilating and air conditioning engineering areas.

The company employs 37,000 staff across 500 locations in 34 countries. It generated €5.1bn in revenues in 2013, as well as an EBITA of €315.5m.

People
Gauthier Louette is the CEO of Spie.

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• Topics
• France
• Restructuring
• Industrials
• Ardian (formerly Axa PE)
• Clayton Dubilier & Rice
• France
• Refinancing