Survitec buyout by Onex backed with $457 million of debt: Reuters

(Reuters) – Canadian private equity firm Onex Corp‘s buyout of U.K. safety and survival equipment maker Survitec will be backed with around 300 million pounds (US$457 million) of leveraged loans, banking sources said on Wednesday.

Onex agreed to buy Survitec this week for 450 million pounds from Warburg Pincus, which had bought Survitec from private equity group Montagu in 2010 for 280 million pounds.

Reuters reported last year that the U.S. private equity house had been looking to sell the company, potentially for more than 500 million pounds.

BNP Paribas, ING and Natixis provided the 300 million pound debt financing, expected to be syndicated to investors in the next few weeks, the sources said.

The financing includes around 250 million pounds of term loans and around 50 million pounds of undrawn facilities, the sources said.

Onex was not immediately available to comment.

Survitec, which makes equipment ranging from lifejackets to anti-gravity suits, had 234 million pounds in revenue in the year to March 31, 2014.

By Claire Ruckin

(Editing by David Holmes)

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