Arle's Hilding Anders in €800m refinancing

Near-term debt maturities were extended by three years until December 2017 and July 2018. HAI's net debt was reduced from 8.1x to 4.8x EBITDA via the pre-payment of senior debt facilities. The firm was refinanced with existing lenders to provide a longer-term debt structure, according to Arle.

As part of the refinancing, KKR Asset Management also provided a €350m payment-in-kind facility to secure a subordinated position in HAI. Arle will remain lead shareholder - the private equity house did not inject further capital nor realised any of its original investment.

The refinancing results in a liquidity position of around €90m for HAI.

In January this year, Arle was rumoured to be mulling an exit from HAI, with a possible transaction valued at SEK 10bn (€1.16bn).

Arle (then Candover) originally acquired HAI in December 2006 for €996m. A mezzanine package was provided by HSBC and European Capital while HSBC also provided senior debt.

The firm has been under private equity management since 1998, when Swedish GP Atle acquired a 60% stake, according to unquote" data.

Company
Hilding Anders International produces beds and mattresses. The Swedish firm was founded in Bjärnum 1939 by Hilding Andersson. It is now headquartered in Malmö.

HAI employs 7,600 staff. The firm sells own label and branded products in 40 countries.

HAI reported an EBITDA of €122m and net sales of €851m in 2012.

People
Javier Abad is a partner at Arle Capital Partners. Marc Ciancimino is the managing director of KKR Asset Management. Fredrik Arp is chairman of the directors' board at HAI and partner at Arle Capital Partners.

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• Topics
• Nordics
• Restructuring
• Consumer
• Sweden
• Arle Capital Partners
• Refinancing