11th Feb 2016 15:10
LONDON (Alliance News) - 3i Group PLC on Thursday said it will receive GBP165 million following a refinancing by Action, a non-food discount retailer backed by the London-listed private equity firm.
Netherlands-headquartered Action syndicated and allocated a EUR1.2 billion all-senior debt refinancing, comprising a EUR1.13 billion term loan B and a EUR75 million revolving credit facility.
Proceeds from the term loan will be used to refinance existing debt and finance a dividend to shareholders.
3i expects to receive the GBP165 million by early March, coming about five years since the group and its funds invested in Action.
During that time, Action has expanded into France, Germany, Luxembourg and Austria, with the discount retailer opening 144 stores in 2015.
Action mandated ABN AMRO, BNP Paribas, Deutsche Bank, ING, Natixis and Rabobank to arrange
the debt refinancing.
"The transaction received strong support from a high quality syndicate of banks and funds, with both existing and new lenders committing to the facilities," 3i said.
Shares in 3i were down 2.2% at 395.70 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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