Oaktree Capital Group LLC’s Ileos Group canceled a plan to raise 225 million euros ($294 million) of leveraged loans to refinance existing debt after failing to attract enough demand from investors, according to two people with knowledge of the matter.
The secured financing included a 195 million-euro seven-year term loan B paying interest at 500 basis points more than benchmark lending rates, according to data compiled by Bloomberg. A basis point is 0.01 percentage point.
There is no plan to revise the structure or pricing of the deal after it was put canceled, said the people, who asked not to be identified because the deal is private.
Oaktree Capital acquired Nanterre, France-based Ileos in December 2011 from 21 Centrale Partners. Ileos then agreed to buy U.S. perfume-bottle maker Le Papillon last month for about 53 million euros.
Oaktree’s media relations department didn’t return an e-mail seeking comment.
Under a revolver, money repaid can be borrowed again. Term Loan Bs are typically sold to non-bank investors such as collateralized loan obligations, loan mutual funds and hedge funds.