Altran completed the syndication of its €2.125 million ($2.65625 million) equivalent senior secured term loan B. Crédit Agricole, Goldman Sachs International and Morgan Stanley acted as mandated lead arrangers for the transaction.
The loan, along with a €250 million ($312.5 million) bridge facility, will be used to complete the acquisition of Aricent and early redeem Altran’s existing medium and long-term debt.
The loan is split into two tranches: €1.88 million ($2.35 million) denominated in euros and €245 million ($306.25 million) denominated in US dollars. The two tranches have been largely oversubscribed by investors. Pro forma of the €750 million ($937.5 million) rights issue authorized by the January 26, 2018 shareholders meeting, margin on euros and US dollars tranches should respectively be 2.75% and 2.25% for the contemplated 3.25x leverage ratio. The loan will mature in 2025.
For more than 30 years, Altran has provided its expertise to key players in the aerospace, automotive, defence, energy, finance, life sciences, railway and telecom sectors.
