3i’s Atesteo in €70m refinancing

The all-senior debt refinancing consists of a €45m term loan B facility and a €25m revolving credit/capex facility. The proceeds from the term loan and cash on balance sheet will be used to refinance 3i's shareholder loans. 3i expects to receive €59m in proceeds by 30 June 2016, effectively returning 60% of 3i's total cash investment.

Lead arrangers were BayernLB, Commerzbank, HSBC and UniCredit, while UniCredit was also the agent.

3i has invested €95m in Atesteo since October 2013. During 3i's ownership, the business has invested in new testing facilities in Germany and China. 3i said the company's EBITA growth of 50% since 2013 was one of the factors that made the refinancing possible.

Company
Founded in 1986, Atesteo offers drivetrain testing. Its customers include manufacturers of cars and transmissions. The business is headquartered in Alsdorf, has 450 employees and 120 drivetrain test benches in Germany and China.

People
3i – Ulf von Haacke (managing director, head of industrial).
Atesteo – Wolfgang Krause (CEO).

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• Topics
• Refinancing
• DACH
• Industrials
• Exits
• Germany
• 3i