Nordic Capital refinances Orc with €60m bond issue

Orc will use the proceeds of the placement to refinance the loans arranged for the acquisition of the business by Nordic Capital in January this year. The offering was oversubscribed and closed before completion of the investor roadshow.

The notes, maturing in 2017, will bear a fixed coupon of 8.5% and be subject to incurrence-based covenants only. They will be listed on Nasdaq OMX Stockholm five months after settlement.

Nordic Capital acquired a 95.5% stake in then-listed Orc in January 2012. The cash offer, made through newco Cidron Delfi Intressenter, stood at SEK 86 per share for a 100% shareholding, valuing the company at SEK 2.02bn (around €225m).

Equity for the transaction was drawn from Nordic Capital's seventh fund, which closed on €4.3bn in 2008.

Company
Orc, founded in 1987, provides market access solutions in the form of deployed software or managed services to investments banks, hedge funds and brokerage houses. Headquartered in Stockholm, Sweden, it has local offices in EMEA, the Americas and Asia-Pacific. The company recorded a €106m turnover in 2011 and employs 370 staff.

People
Mark Bulmer represented Nordic Capital on the transaction. Torben Munch is CEO of Orc.

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• Topics
• Restructuring
• Nordics
• Technology
• Nordic Capital
• Sweden
• high yield