Scandlines’ Private-Equity Owners Said to Seek Loan Refinancing
The owners of Scandlines, 3i Group Plc (III) and Allianz Capital Partners GmbH, are planning to obtain loans to refinance the Danish-German ferry operator’s debt, according to three people with knowledge of the financing.
The private-equity companies are discussing the debt with lenders and are considering facilities totaling between 4.5 and 5 times the company’s earnings before interest, tax, depreciation and amortization, said the people, who asked not to be identified because the deal is private. The debt may be marketed to other lenders next month.
The refinancing plan follows an attempted sale of the business that attracted lower than expected bids. The ferry operator has 807 million euros ($1.06 billion) of bank loans due to repay in August 2014, according to the 2012 annual report of Scandferries Group, the holding company of Scandlines.
Fiona Littig, a spokeswoman for the company’s owners employed by Brunswick Group, declined to comment on the refinancing. A spokeswoman for Scandlines, who works for Ehrenberg Kommunikation and asked not to be identified, also declined to comment.
The company is based in Copenhagen and Rostock and generated Ebitda of 212 million euros in 2012, according to its annual report.
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