November 8, 2017 / 11:54 AM / a year ago

LPC-Stonepeak’s euNetworks buy backed with €300m leveraged loan

LONDON, Nov 8 (Reuters) - US private equity firm Stonepeak Infrastructure Partners’ acquisition of a majority stake in UK-headquartered internet service provider euNetworks will be backed with a €300m leveraged loan, banking sources said.

The acquisition was announced on November 6 and existing euNetworks investors, including Columbia Capital and Greenspring Associates, will continue to hold a material interest in the company.

Barclays, JP Morgan and RBC are providing the debt financing to back the buyout, which will include a €300m senior term loan, the sources said.

The total debt size will be higher, once undrawn facilities are taken into account, the sources said.

The loan is expected to be sold down to investors in a syndication process before the end of the year, the sources added.

Stonepeak, euNetworks and Columbia Capital were not immediately available to comment.

Headquartered in London and with offices across Europe, euNetworks is a leading data centre and cloud connectivity provider, according to its website.

Editing by Christopher Mangham

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