Advent’s Maxam Signs 280 Million-Euro Loan Deal to Replace DebtStephen Morris
Maxamcorp Holding SL, a Spanish explosives manufacturer part-owned by Advent International Corp., said it signed 280 million euros ($367 million) of loans to refinance debt and fund international expansion.
Banco Bilbao Vizcaya Argentaria SA, Banesto SA, HSBC Holdings Plc, Barclays Plc and Bankia SA arranged the debt facility, according to a statement from the Madrid-based company, founded by Alfred Nobel in 1872.
The deal consists of two term loans and a revolving credit facility, according to data compiled by Bloomberg. The debt, which matures in 2016, pays interest of 425 basis points more than the euro interbank offered rate, the data show. Under a revolver, money repaid can be borrowed again. A basis point is 0.01 percentage point.
Advent acquired a stake in Maxam in February 2012 with the remainder held by the company’s management. The private equity company owns 45 percent of the business, according to the statement.