3i brings fifth dividend recap of Action with €2.3bn loan

Profits 230x150
By Victor Jimenez
30 Jan 2018

Private equity firm 3i is taking advantage of bullish conditions in the leveraged loan market to launch its fifth dividend recapitalisation of Action, the Dutch non-food discount retailer it bought in 2011.

The deal, which involves a complete refinancing of Action's loans, comes only eight months after it signed a €1.6bn loan in May last year.

The sponsor is on course to pocket €760m from the deal, funded with €90m of cash and a new €2,285bn seven year term loan ‘B’. ...

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