Advent to Close Sale of Douglas LBO Loans After Bid Accepted

Advent International Corp. will next week close syndication of buyout loans backing its acquisition of Douglas Holding AG (DOU), a German beauty retailer.

Lenders have until Dec. 14 to commit to the 830 million euros ($1.1 billion) of senior-ranking loans backing the deal, according to two people with knowledge of the matter, who asked not to be named because the terms are private. The debt includes a 450 million-euro seven-year TLB facility that’s expected to price at about 99 cents on the euro, the people said.

Advent said Dec. 4 it had received acceptances from shareholders owning 76 percent of the Hagen, Germany-based company, more than the 75 percent required for the bid to succeed.

The senior financing also includes a 200 million-euro term loan A and a 180 million-euro credit line, according to data compiled by Bloomberg. There is a 200 million-euro lower-ranking mezzanine portion, the data show. Banks arranging the senior debt are Bayerische Landesbank, Commerzbank AG, Credit Suisse Group AG, Goldman Sachs Group Inc., IKB Deutsche Industriebank AG, JPMorgan Chase & Co., LBBW, Raiffeisen Bank International AG and UniCredit SpA, Advent said Oct. 31.

To contact the reporter on this story: Patricia Kuo in London at pkuo2@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net