| LONDON, April 3
LONDON, April 3 A €560m loan will back the
acquisition of a 25% stake in Spanish oil transportation and
storage company CLH by CVC Capital Partners’ Strategic
Opportunities Platform, banking sources said.
CVC announced on Monday it was acquiring a 10% stake from
Ardian as well as a 5% stake from each of Kutxabank, Abanca and
clients of Alberta Investment Management Corp.
Natixis was the sole arranger and underwriter of the
acquisition financing, the announcement said.
The €560m term loan will have a five-year maturity and is
expected to pay an interest margin of 250bp over Euribor, the
Some of the loan could be sold down to other banks and
funds, with Spanish banks expected to take a share of the debt,
the sources said.
CVC was not immediately available to comment on the loan.
CLH raised a €320m loan in February 2016, to back Borealis
Infrastructure’s 24.15% acquisition of a stake in the company.
That loan comprised of a €120m term loan A and a €200m term
loan B, both maturing in 2021, provided by Abanca, Banco
Santander, Export Development Canada and Natixis, according to
Thomson Reuters LPC data.
CLH is CVC’s 15th major investment in Spain in the last 20
years. CLH is the fourth investment made from CVC’s Strategic
Opportunities Platform, which was established in response to
growing demand from large investors to be able to invest in long
term, stable, high-quality businesses.
CLH has over 4,000 kilometres of oil pipeline and a storage
capacity of more than 8 million cubic metres in Spain, which is
available to all oil operators that do business in the country.
The Company also owns the largest oil pipeline network in the
(Editing by Alasdair Reilly)