9th Mar 2018 11:40
LONDON (Alliance News) - Investment firm 3i Group PLC said Friday it will receive EUR321.0 million after its largest investee completed a debt financing.
3i expects to receive the funds by the end of March.
Investee Action, in which 3i's investment was valued at EUR2.31 billion at the end of 2017, completed a EUR2.41 billion all-senior debt refinancing. It was made up of a EUR2.29 billion term loan B and a EUR125.0 million revolving credit facility.
Proceeds will be used by Action to refinance existing debt and finance a shareholder return, leading to 3i's payout.
Action is a discount store-chain operating in the Netherlands, Belgium, France, Germany, Luxembourg, Austria, and Poland.
3i shares were down 0.6% on Friday at 924.60 pence each.
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