New York, June 28 – AX V INV Holding ApS sold €130 million of five-year senior secured floating-rate bonds with a coupon of Euribor plus 500 basis points at par to help fund the acquisition of Nissens A/S, according to a term sheet.
Nordea Bank AB and Nykredit Bank A/S were joint bookrunners.
The bonds have a make-whole call initially and become callable at a premium after two years.
Proceeds were used to help fund the acquisition of Nissens.
On May 31, Nissens announced that it would be acquired by private equity company Axcel as the first investment of its new fund Axcel V.
Previous owner Alan Nissen will remain a “significant” co-investor.
Nissens is a Horsens, Denmark-based maker of cooling systems for the automotive and wind power and industrial markets.
| Issuer: | AX V INV Holding ApS
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| Issue: | Senior secured floating-rate bonds
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| Amount: | €130 million
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| Maturity: | June 29, 2022
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| Coupon: | Euribor plus 500 bps
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| Price: | Par
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| Yield: | Euribor plus 500 bps
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| Call: | Make-whole call at Bunds plus 50 bps until June 29, 2019, then at 102.5
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| Special call: | Up to 10% per year at 103
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| Settlement date: | June 29
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| Bookrunners: | Nordea Bank AB and Nykredit Bank A/S
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