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Ardian’s Novacap completes refinancing

13 May 2014

euro8_170sqFrench chemicals group Novacap, which is majority owned by private equity firm Ardian, has completed a refinancing on the high-yield bond market.

The company has issued €310m of senior secured floating rate notes maturing in 2019 and a super senior revolving credit facility of €65m.

Novacap said the refinancing will give it a more flexible balance sheet and enable it to grow organically and via acquisitions.

Since being acquired by Ardian in 2011 Novacap has bought Solvay-Rhodia’s analgetics operations and a 51 per cent interest in Chinese para-aminophenol producer Taixing Yangzi Pharm Chemical.

Ardian managing director Thibault Basquin said, “Since Ardian acquired its stake, Novacap has become an international player, achieved through an ambitious transformation program.

“I would like to thank Pierre Luzeau and his team for their dedication and commitment to the project. This refinancing is a great step in the value creation process and Ardian looks forward to further supporting Novacap in its strategy.”

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