(Reuters) – Banks have lined up around 130 million euros ($145.89 million) of loans to back private equity firm Bridgepoint’s buyout of French software firm eFront, banking sources said on Friday.
Bridgepoint agreed to acquire eFront in January for around 300 million euros, the banking sources said.
HSBC, ING, Bank of Ireland and direct lender Babson Capital have provided the financing which includes a term loan A, term loan B, capital expenditure facility and revolver.
The leveraged loan financing is denominated in euros and dollars and a portion of it will be sold in a limited syndication process, the banking sources said.
The debt financing totals around five times Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA), the sources said.
Bridgepoint was not immediately available to comment.
eFront provides software to the alternative investment industry.