CHAMP secures $130m debt for oOh!media deal
CHAMP Private Equity has reportedly secured a senior debt package worth A$130 million ($130 million) to support its take-private of Australian out-of-home advertising firm oOh!media.
Commonwealth Bank of Australia, GE Capital, National Australia Bank and Westpac Banking will provide the loan, and are unlikely to syndicate it further, according to sources cited by Bloomberg.
The five-year loan is said to involve an acquisition debt facility of around A$100 million, a tranche for capital expenditure and a revolving credit facility for working capital.
News of this debt facility comes after CHAMP received unanimous approval for its A$163 million purchase offer from the company's board of directors earlier this week. The private equity firm first launched its takeover bid last month, proposing to buy the company's shares at A$0.325 apiece. It initially bought 9% of oOh!media and later acquired an additional 10%.
The PE firm acquired its shares through Outdoor Media Operations, a Cayman-based company owned by CHAMP III Funds. CHAMP's A$0.325 offer represented a 103% premium on the value of oOh!media's shares on November 9, the day before oOh!media entered into exclusive negotiations with the investor.
The deal needs approval from the remaining shareholders, who will meet in February.
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