November 8, 2017 / 10:49 AM / a year ago

UPDATE 1-LPC-Banks prepare €405m loans for Citic’s Axilone buy

(Updates tranche sizes)

By Claire Ruckin

LONDON, Nov 7 (Reuters) - Banks have lined up €405m of leveraged loans to back alternative investment manager Citic Capital’s buyout of French packaging company Axilone, banking sources said.

Citic agreed to buy the company from Oaktree Capital Management, it was announced on November 6. Oaktree acquired Axilone in 2011 and put it up for sale during the summer, hiring Rothschild to run the process.

Barclays, RBC and Credit Suisse are leading the underwritten financing, the sources said.

The financing is split between a €265m first-lien term loan, a €90m second-lien loan and a €50m revolving credit facility, the sources said.

Leverage on the deal totals around 6.0 times Axilone’s approximate €55m Ebitda, the sources said.

Citic was unavailable to comment on the financing.

Headquartered in Paris and part of the Ileos Group, Axilone was founded in 1971 and has over 2,000 employees in France, Spain, the US and China.

It designs and manufactures premium plastic and metal packaging for leading global cosmetics, perfume and beauty care brands. (Editing by Christopher Mangham)

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