(Alliance News) - Albion Acquisitions Ltd on Monday set out the arrangements it has put in place to finance its GBP2.32 billion takeover offer for temporary power generator provider Aggreko PLC.
The takeover was first agreed in early March. Aggreko shareholders approved the deal in April and cleared regulatory hurdles early in July. A court hearing to approve the scheme of arrangement is due on Friday.
To pay for the deal, Albion Acquisitions said on Monday it has agreed senior secured bridge funding of GBP1.00 billion, senior bridge funding of GBP350.0 million, a revolving loan facility of GBP450.0 million, and a senior term facility of GBP700.0 million, totalling GBP2.50 billion.
Albion Acquisitions is a company newly formed by funds managed by Miami-based private equity firm I Squared Capital Advisors US LLC and investment funds managed by London-based private equity firm TDR Capital LLP.
Shares in Aggreko were flat at 869.00 pence in London on Monday. Albion is paying 880p per share in cash.
By Josie O'Brien; josieobrien@alliancenews.com
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