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LPC-Banks prepare 400m of loans to back lighting maker SLV sale
October 13, 2016 / 3:16 PM / a year ago

LPC-Banks prepare 400m of loans to back lighting maker SLV sale

LONDON, Oct 13 (Reuters) - Bankers are lining up around 400m of leveraged loans to back a potential sale of German lighting maker SLV, banking sources said on Thursday.

Buyout group Cinven, which acquired SLV in 2011 from HgCapital, shortlisted Ardian, 3i, Triton and Lone Star last month to prepare second-round bids for the asset, which is expected to be sold at a valuation of 750m-800m.

Leveraged loans totalling around 400m, equates to around 6 times SLV’s approximate 65m Ebitda, the bankers said.

Both senior and subordinated loans are being considered, the bankers added.

Cinven declined to comment.

Cinven’s 2011 buyout was backed with a 295m loan led by GE Capital, ING, Societe Generale and UniCredit, according to Thomson Reuters LPC data.

Founded in 1979, SLV provides residential and technical lighting products for indoor and outdoor use. (Editing by Christopher Mangham)

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