Boels offers rare covenanted loan to fund Cramo takeover

By Owen Sanderson
21 Feb 2020

Dutch equipment rental company Boels has launched a €1.61bn term loan B to finance the acquisition of Cramo, a Finnish rival. It is a rare chance for lenders to access a leveraged deal with maintenance covenants, a concession sponsors will no longer give but which some companies can still tolerate — though the huge headroom in this case means they are a minimal restriction.

Boels, owned by chief executive Pierre Boels, bid for publicly listed Cramo in November and completed the tender offer for shares on February 5. The deal expands Boels’ presence in central and eastern Europe and the Nordics.

Funding the deal are a €200m revolving credit facility and €1.61bn ...

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