PE-backed Siblu in amend-and-extend refinancing

The company's lenders Alcentra, Barings and HSBC agreed to extend the company's senior facilities, which financed the Stirling Square-backed SBO in August 2015.

The refinancing saw the business reduce the cost of its whole credit package, according to a statement. It also added a €30m note meant to support the company's growth strategy. The business improved the flexibility of the terms of use and covenants, while the terms of the existing revolving credit facility remained unchanged.

The initial notes included a seven-year €105m uni-rate line alongside a €15m note meant to support the acquisition of new campsites, a €20m additional accordion option and a €10m revolving facility.

Previous funding
Siblu was originally acquired by Hermes Private Equity for £100m in 2006. Three years later, Bridgepoint Development Capital took over Hermes's direct investments and the company was transferred to the GP's portfolio.

In March 2013, Siblu completed an €80m refinancing with a new facility provided by existing lenders Barclays and Babson, which were joined by Societe Generale, Tikehau IM and Haymarket Financial.

After a six-year holding period, Bridgepoint sold the asset to Sirling Square. The SBO featured a unitranche facility and a capex financing line co-arranged by mezzanine house Babson Capital Management.

Company
Founded in 2004, Siblu manages 17 holiday parks across France's Mediterranean and west coasts as well as the Loire valley. The business is headquartered in Pessac and posted a turnover of €115m in 2016, according to a statement.

People
Siblu – Laurent Bory (chief financial officer).

Advisers
Company - Dickson Minto (legal).
Debt – Hogan Lovells (legal).

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• Topics
• Refinancing
• Consumer
• France
• France
• Stirling Square Capital Partners
• Refinancing