Banks arrange debt for sale of 3i and Allianz's Scandlines

Goldman Sachs and ING are managing the sale of 3i and Allianz's Scandlines and are believed to be putting together a staple debt package of nearly €1bn for potential buyers, news agency Reuters reported on Thursday, citing bank sources.

Senior leveraged loans, mezzanine debt and high-yield bonds were reportedly being considered for the business, while other banks were working on rival debt packages.

The GPs put the ferry operator up for sale last year, reportedly hoping to receive €1.4bn. The business is believed to be a popular target, with at least three private equity players – Apollo, Axa Private Equity and Nordic Capital – reportedly bidding for it.

3i and Allianz bought Scandlines in June 2007 for €1.56bn as part of a consortium of investors. The business is reported to have seen its EBITDA climb by 6% to €193m in 2012, while its debt is said to have been reduced by €140m from €1.28bn at the time of the 2007 acquisition.

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• Topics
• DACH
• Financing
• Allianz Capital Partners
• 3i
• Germany