BCA returns to lev loan market with over £1bn deal [Reuters]
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Source: Reuters
BCA returns to lev loan market with over £1bn deal - Reuters 3 Min Read LONDON, June 26 (LPC) - Car auctioneer BCA Marketplace is returning to Europe’s leveraged loan market as it seeks to raise just over £1bn-equivalent of debt to back its £1.91bn acquisition by British private equity firm TDR, banking sources said. TDR offered to buy BCA for 243 pence per share, it was announced on Wednesday, after it emerged the two companies were in advanced talks over a potential offer last week. Bank of America Merrill Lynch, HSBC and Royal Bank of Canada have underwritten the debt financing, which comprises senior and second-lien facilities. A debt financing of just over £1bn-equivalent represents around 6.5 times BCA’s Ebitda of £171.9m, year ending March 31. The loan is expected to launch for syndication to leveraged loan investors shortly, the sources said. TDR declined to comment. BCA is a well-known credit to Europe’s leveraged loan market as it has a history of private equity ownership pr
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