Article/Intelligence
Ardian Private Credit Provides €160M Debt Package to Support Stirling Square’s Acquisition of Gestion Tributaria Territorial
Relevant Document: FY’21 Financial Report (in Spanish) Ardian Private Credit has provided a €160 million debt package to support Stirling Square’s acquisition of Spanish software developer Gestion Tributaria Territorial, or GTT, from AnaCap, sources told Reorg. An additional super senior RCF will be included in the financing, the sources added. The debt package comprises a unitranche and an acquisition capex facility, or ACF, with a margin in the Euribor+600 bps to E+650 bps range and fees close to 3%, a tranche of PIK debt and an RCF, which is in underwriting and is expected to be about €15 million, sources said. The issuance has an ESG pricing ratchet and part of the debt can be syndicated at the election of the borrower with Ardian Private Credit retaining the majority of the debt, the sources added. The financing has about 5.5x leverage based on the company’s structured EBITDA, which is north of €20 million, sources said. The new debt provider replaces direct lender Goldman Sachs, which was the former incumbent lender. The debt process was very competitive among prospective lenders with five commitment packs submitted, from four funds and one bank, to support Stirling in the transaction, the sources noted. The[...]