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Gardner Denver agrees financing terms for $3.9bn KKR buyout

10 Jul 2013

US industrial equipment company Gardner Denver, which recently agreed a $3.9bn buyout deal with private equity investor KKR, has set the rate for the $2.73m loan agreement to support the buyout, Bloomberg has reported.

It will pay interest at between four and 4.25 percentage points above the London interbank rate, including a one percent minimum on the lending benchmark on the $1.8bn seven-year term loan, the report said. In addition a $525m euro-denominated tranche with a seven-year tenor expire was set at between 4.25 and 4.5 percentage points over Euribor, with a one per cent minimum on the benchmark.

The financing also comprises a $400m revolving credit facility of credit with a five-year tenor

The financing is being arranged by UBS, Barclays, Citigroup, Deutsche Bank, Mizuho Bank, Royal Bank of Canada, Macquarie Group and HSBC Holdings, Bloomberg said.

KKR agreed the buyout deal in March, shortly after it emerged Advent International and a partnership between Onex Corp and TPG Capital had pulled away from a deal amid disagreements over the due-diligence process.

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