October 10, 2017 / 11:34 AM / a year ago

UPDATE 1-LPC-Belron launches €1.5bn-equiv leveraged loan

(Adds banks and further details on UoP)

By Claire Ruckin

LONDON, Oct 10 (Reuters) - UK vehicle glass repair and replacement group Belron has launched a €1.5bn-equivalent leveraged loan financing to repay existing debt and fund a dividend to shareholders, banking sources said.

Belron, which is 94.85% owned by Belgium automobile distribution firm D’Ieteren, operates in over 30 countries under various brands, including Autoglass in the UK.

Bank of America Merrill Lynch and JP Morgan are leading the financing on the dollars and the euros, respectively, alongside Barclays, BNP Paribas, Goldman Sachs and ING, the sources said.

The loan will be used to fund a €450m dividend to shareholders, refinance existing bank debt and take out a US private placement, including early redemption costs.

A bank meeting will take place on October 12 in New York and October 13 in London to show the deal to investors, the sources said.

The financing comprises a €1.3bn seven-year covenant lite term loan B — two-thirds of which will de denominated in dollars with the rest in euros — as well as a €200m six-year revolving credit facility, the sources said.

Pricing is set to emerge at the bank meetings, they added.

Founded in 1897, Belron employs over 26,000 people across five continents and had a turnover of €3.3bn in 2016m, according to its website. (Editing by Christopher Mangham)

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