Bridgepoint secures £375m refinancing for Pret debt

The UK sandwich chain has secured a total of £375m in new loans to replace existing debt and repay shareholder loan notes to Bridgepoint.

Bridgpoint acquired Pret A Manger for £345m in February 2008. Since the investment, the company's debt has decreased by 5x EBITDA, reaching only 2x EBITDA in 2012. The latest refinancing will see Pret's debt increase to 4.17x EBITDA.

The new loan facilities were underwritten by Bank of Ireland, HSBC, BNP Paribas, Rabobank, RBS and Société Générale.

According to Reuters, Bridgepoint is also looking to refinance separate portfolio company Infront Sports & Media, hoping to secure €300m in new loans and reap a €160m dividend.

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• Topics
• UK / Ireland
• Exits
• Consumer
• Bridgepoint
• United Kingdom
• Refinancing