Article
Nordic Takes $175M Unitranche From Ares to Finance $750M TradingHub Acquisition; Margin at 500 Bps With 98.5 OID
Private equity firm Nordic Capital has lined up direct lender Ares to provide a $175 million unitranche to finance its acquisition of U.K.-based trade surveillance technology provider TradingHub, sources told Octus.
The facility will lever the company around 7x its $25 million EBITDA and carries a margin of 500 bps over the reference rate with an OID of 98.5, sources said.
It supports a purchase price of around $750 million or around 11x revenue, sources said.
Nordic announced on March 17. that it would become majority shareholder alongside existing investors Summit Partners and the co-founder Neil Walker, as reported.
Founded in 2010, TradingHub operates from offices in London, Toronto, Singapore and Sydney.
The company processes more than 4 billion trades and orders per day for a client base that includes investment banks, asset managers, hedge funds, commodity houses and brokerage firms.
Nordic and Ares declined to comment.
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