December 10, 2019 / 5:13 PM / 3 months ago

Banks line up €2.5bn loan and bond to back Endemol buy

LONDON, Dec 10 (LPC) - French entertainment production and distribution company Banijay Group is financing its acquisition of Endemol Shine with a €2.5bn debt financing, banking sources said.

Deutsche Bank, Natixis and Societe Generale have underwritten the financing.

The financing is expected to include a €1bn term loan B, €1bn of senior secured notes and €400m-€500m of unsecured notes.

It is expected to launch for syndication to investors in early 2020.

The debt will back the acquisition and refinance Banijay’s and Endemol’s existing debt.

Banijay Group was not immediately available to comment.

Banijay is acquiring Endemol from The Walt Disney Co and Apollo Global Management.

Post-closing, the combined group will be held by LDH with a 67.1% stake and Vivendi with a 32.9%.

The combined group will own almost 200 production companies in 23 territories and the rights for close to 100,000 hours of content.

Pro-forma revenue of the combined group is expected to be around €3bn for the year ending December 31 2019. (Editing by Christopher Mangham)

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