UK firm receives financing to acquire Histoire d’Or & Marc Orion.
UK buyout firm Bridgepoint Capital has received £268 million of leveraged loans to back the buyouts of French jewellers Histoire d’Or and Marc Orion, as reported by Bloomberg.
The underwritten debt included two loans, one of £98 million over six years, with an interest of 450 basis points above benchmark rates, and another of £123 million over seven years at an interest rate of 500 basis points.
The loans also include a six year revolving credit of £21 million and six year £25 million credit to fund capital expenditure, both of which will pay an interest margin of 450 basis points.
Credit Agricole CIB, Lloyds Banking Group Plc, Natixis and Societe Generale SA are coordinating the deal. Banca IMI SpA is joining as an arranger, with the banks syndicate the financing to a wider group of buyers later this week and meeting investors in Paris on September 29.
The acquisition debt is to represent over four times the jewelers’ earnings before interest, tax, depreciation and amortization.