Sweden’s Assemblin to wrap up roadshow for €250 million 5.5-year floater on Thursday

By Paul A. Harris

Portland, Ore., Nov. 27 – Assemblin, a Stockholm-based specialist services provider, is marketing a €250 million offering of 5.5-year senior secured floating-rate notes (B2/B) on a roadshow set to wrap up on Thursday, according to market sources.

Initial price talk was pending on Wednesday morning, according to a London-based sellside source.

Deutsche Bank is leading the deal.

The notes come with one year of call protection.

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, a market source said.

The issuing entity will be Assemblin Financing AB.

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

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