Assemblin expected to bring €250 million senior notes for debt refinancing, dividend funding

By Paul A. Harris

Portland, Ore., Nov. 26 – Assemblin, a Stockholm-based specialist services provider, is expected to undertake the placement of a €250 million offering of senior secured notes (B2/B), according to a market source in Europe.

Timing remains to be determined, the source said, and added that dealers have yet to come forward.

The company, which came into existence in 2015 when venture capital firm Triton Partners acquired the Imtech Nordic business from Royal Imtech NV, plans to use the proceeds to repay debt and fund a dividend to funds affiliated with Triton.

The pro forma transaction is based on a 4.3-times net leverage; however, due to strong add-backs, real leverage is closer to 5.5-times, the source added.

The issuing entity will be Assemblin Financing AB.

Assemblin’s services bear upon the electrical, heating, plumbing and HVAC segments.

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