Seven banks to finance acquisition of Vinci Park

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Seven banks to finance acquisition of Vinci Park

Reuters have announced that seven banks will provide around €1.2 billion of infrastructure loans to back the acquisition of VINCI Park by Ardian, formerly known as Axa Private Equity, and Credit Agricole Assurances.

The source said that Barclays and BNP Paribas, which advised on the sale, are expected to be included in the line-up. The financing package is expected to include investment grade five-year facilities split between term loans and revolving credit facilities. Some of the loans will be refinanced at a later stage via the bond market.

Reuters confirmed that the loans will be similar to the loan used to back Manchester Airports Group's 1.5 billion pound acquisition of London's Stansted airport last year.

VINCI Park's share capital will be owned 37.5% by Ardian, 37.5% by Crédit Agricole Assurances and 25% by VINCI Concessions.

The deal would involve the external investors acquiring the equity interest in VINCI Park on the basis of an enterprise value of €1.96 billion (US$2.67 billion). That enterprise value is around 16 times Vinci Park's 2013 operating profit and in line with analysts' expectations.

The company had an EBITDA of nearly €200 million on revenues of €700 million in 2012.

The new owners will support the expansion of Vinci Park outside France, in markets such as North America, Latin America and Asia.

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