Exxelia refinances its debt structure
Exxelia, the world leading manufacturer of high-performance complex passive components and subsystems focusing on highly demanding end-markets such as civil aeronautics, space and defence, has refinanced and simplified its debt structure.
The former structure, which comprised both senior debt as well as a mezzanine debt financing, was enforced in March 2014 before the acquisition by IK Investment Partners, has been replaced at the same leverage by the issuance of a new senior tranche of 160 million euros. The debt has been arranged by a club of European blue chip banks and financial institutions: CM-CIC, HSBC and Société Générale acted as Global Coordinators, while Bank of Ireland, BNP Paribas, Crédit du Nord, Idinvest, ING, KBC, LCL, SCOR and Siemens Bank also participated in the new financing.
Led by a new management team, Exxelia demonstrated a solid financial performance, on the back of growing underlying markets. The French group will benefit from an attractive financing structure with improved terms and a simplified documentation.
Exxelia has completed three add-on acquisitions since 2015, whereof two in the US, and its new flexible financial structure, which is compatible with its build-up strategy, will allow the group to move forward on its growth trajectory.
Exxelia was advised by Canaccord Genuity, 8Advisory, Advention and White & Case throughout the debt refinancing process.
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