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Exponent-backed secures £190m loan for dividend recap

11 Sep 2013

train station_sqPrivate equity-backed rail ticket retailer is reportedly preparing for a dividend recapitalisation.

The company has secured a £190m loan, which will be used to refinance its existing debt and pay a dividend to its private equity owner Exponent said, Reuters, citing banking sources.

The package includes a £140m loan from Ares Management, Babson Capital, BlueBay Asset Management and the Bank of Ireland and a £50m revolving credit facility from Barclays and HSBC.

Exponent acquired the business from Virgin for £163m including £116m of debt in 2006, according to Thomson Reuters. The firm tried to sell last year and hired Rothschild to lead the process, but failed to find suitors willing to match its asking price of more than £300m.

In June this year it was reported that Exponent was in talks to exit its investment in theatre company Ambassador Theatre Group after more than three years of ownership.

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