Alain Afflelou targets funds for senior syndication
Citi and UniCredit have launched syndication of €350m of senior loans backing Lion Capital’s acquisition of French optician chain Alain Afflelou, after Credit Suisse, ING and Société Générale joined the bank group as mandated lead arrangers.
The loans comprise a €70m term loan ‘A’, €240m term loan ‘B’, and €40m of undrawn facilities. Alcentra has provided a mezzanine facility of €110m. Senior leverage is four times Ebitda, while total leverage reaches 5.5 times. A bank meeting will be held in Paris on May 30.
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