Three shipped into V.Group LBO loans, more banks sought
CIBC, Citi and HSBC have joined syndication of the $260m of leveraged loans backing the buy-out of V.Group by Canadian pension fund Ontario Municipal Employees Retirement System (OMERS). It acquired V.Group, the parent company of Scottish shipping services company V.Ships, from Exponent in July. Royal Bank of Canada has underwritten the deal.
The three banks have joined on a take and hold basis and the arrangers are looking to add more banks to the syndicate. HSBC underwrote the $267m of loans backing Exponents buy-out of V.Ships in July 2007.
V.Groups new loans comprise a $78m term loan A paying 475bp,
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