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3i, Allianz Capital-backed Scandlines to refinance €1bn of debt after failed sale

11 Sep 2013

scandlinesPrivate equity-backed Nordic ferry operator Scandlines is reportedly set to refinance about €1bn of loans in the next few weeks following a failed sale process earlier this year.

Lenders including Danske Bank, Deutsche Bank, Goldman Sachs, ING and JP Morgan have lined up senior leveraged loans to replace current debt set to expire in 2015 and 2016 according to Reuters, which cited several people familiar with the matter.

AltAssets revealed in July that Scandlines owners 3i and Allianz Capital Partners were considering putting a sale process for the business on hold after failing to fund a suitor willing to match their €1.4bn asking price.

3i and Allianz Capital Partners received a €1.3bn bid from TPG according to person with knowledge of the matter, while Star Capital Partners and DFDS expressed interest in Scandlines but eventually ended their pursuit of the company.

Back in April it was reported that bankers were preparing debt packages of nearly €1bn for the potential sale of Scandlines in a process managed by Goldman Sachs and ING.

At least three private equity firms, Apollo, AXA Private Equity and Nordic Capital, were believed to be interested in the company.

3i and ACP acquired Scandlines for €1.5bn including €1.28bn of debt in 2007.

The business saw its EBITDA climb six per cent to €193m in 2012, while net profits jumped to €76m from €10m as it slashed its debt by €140m.

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