Trlpc spie launches loan refinancing to pay shareholder dividend

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Nov 27 French energy services group Spie is looking to raise a minimum 725 million euros (905.02 million US dollar) of new loans to refinance a high yield bond and pay a dividend to shareholders after pulling a planned stock market listing, the lead banks announced on Thursday. Credit Agricole, HSBC and Societe Generale are leading the deal which will be shown to investors at a bank meeting on December 1 in London and commitments are due December 12.

Spie will refinance 375 million euros of senior notes due 2019, paying 11 percent with cheaper leveraged loans. As a result of the deal, Spie will be left will an all loan debt structure and senior secured loan facilities will total around 2 billion euros. Spie is looking to raise a new 625 million euro, 4.5-year term loan E and a 100 million euro, 3.5-year acquisition and capital expenditure facility.

In addition to the senior facilities, Spie's new debt structure will include a preplaced second lien loan. The size of the second lien tranche and pricing of the new loans will emerge at the bank meeting.

Spie pulled its plans to raise funds on the stock market in October, cancelling the sale of up to 1.2 billion euros of new and existing shares on the day the offer was due to close, citing "volatile market conditions. Spie, owned by private equity firms Ardian and Clayton Dubilier & Rice and Canadian investment fund Caisse de depot et placement du Quebec, provides mechanical and electrical engineering services to help companies and the public sector make facilities more energy-efficient. (1 US dollar = 0.8011 euro)