Blackstone’s Mivisa Said to Get Lender Backing for Dividend LoanJulie Miecamp
Mivisa Group, the Spanish food-can maker partly owned by Blackstone Group LP, got lenders to agree to a 145 million-euro ($187 million) loan to pay its owner a dividend, according to three people familiar with the matter.
The term loan C will pay an interest margin of 450 basis points more than benchmarks, said the people, who asked not to be identified because the deal is private. The six-year debt priced at 99.5 percent of face value, two of the people said. A basis point is 0.01 percentage point.
The loan funds a 185 million-euro payout to Mivisa’s owners, along with cash from the Murcia, Spain-based company, people said previously. Deutsche Bank AG and Barclays Plc arranged the new facility, the people said.
Andrew Dowler, a London-based spokesman for Blackstone, declined to comment on the financing.
Blackstone, Dinamia Capital Privado SCR SA, and N+1 Private Equity SA acquired Mivisa from CVC Capital Partners Ltd. in a deal that closed in April 2011. The transaction valued Mivisa at about 900 million euros, people familiar with the matter said at the time.