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