December 15, 2016 / 11:19 AM / 7 months ago

LPC-Banks line up 300m of leveraged loans for Concardis sale

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LONDON, Dec 15 (Reuters) - Banks are working on loan financings totalling up to 300m to back a potential sale of payments group Concardis, banking sources said on Thursday.

German banks put the jointly-held payments group up for sale earlier this year and private equity firms CVC, Bridgepoint and a consortium of Advent and Bain are due to hand in final bids on December 20.

Banks are working on debt packages of up to 5.5 times Concardis' Ebitda, which would be provided through senior and subordinated loans. On an all-senior basis, debt would equate to up to 4.5 times Ebitda, the sources said.

Some banks are working off an Ebitda of around 34m, while others are working off an adjusted Ebitda of 55m, the sources said.

The financing is expected to add to an increasing number of event-driven loans due to launch for syndication early next year, in what should be a promising start to 2017 for institutional investors and bankers in Europe's leveraged loan market.

Concardis' largest shareholder is Deutsche Bank, with a 16 percent stake, while smaller stakes are held by Commerzbank, Unicredit, as well as savings banks and cooperative banks. They are expected to decide on a buyer by mid-January.

Concardis offers card payment terminals as well as payment technology for e-commerce groups and is viewed as a non-core business by many of its owners. (Editing by Christopher Mangham)

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