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Bridgepoint-backed Pret A Manger secures £375m refinancing package

2 Aug 2013

pound_sterling_170sqPrivate equity-backed coffee and sandwich chain Pret A Manger has reportedly secured £375m for a dividend recapitalisation.

The £375m loan will be used to refinance existing debts and pay a £150m dividend to the company’s owners including buyout firm Bridgepoint, said Reuters, citing sources with knowledge of the deal.

Bridgepoint acquired the company in 2008 in a deal that included £185m in senior loans and a £35m mezzanine loan.

This is not the first dividend recapitalisation deal for Bridgepoint this year.

The firm has recently received a €160m payout from sports marketing business Infront Sports & Media, according to Reuters.  Earlier this year it was reported that Bridgepoint looking to raise more debt for its portfolio company CABB for a dividend recapitalisation.

Earlier this week it was reported that Bridgepointand fellow private equity firm were the final bidders for a 50 per cent stake in Spanish bank La Caixa’s property selling subsidiary Servihabitat.

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