GSAM Refinances Nemera’s Existing Bank Debt With Over €1B Debt Package

Reporting: Lucia Camblor, Maryna Irkliyenko


The direct lending unit of Goldman Sachs Asset Management, or GSAM, is providing a debt package of more than €1 billion, including an up to €800 million cov-lite unitranche plus a capital expenditure facility, to refinance France-based medical devices manufacturer Nemera’s existing bank debt, sources told Octus, formerly Reorg.

The refinancing was structured off Nemera’s EBITDA of €138.3 million, the sources said.

The unitranche facility is priced at around 500 bps over the reference rate, the sources said. The financing includes a portability clause, the sources noted.

The incumbent sponsors Astorg and Montagu decided to refinance the business due to high capex spend that was likely to result in a downgrade by the credit ratings agencies, the sources said.

In June 2024, Nemera allocated a €625 million term loan B repriced at par with E+425 bps margin and a $75 million at par with S+450 bps, as reported. Physical bookrunners for the deal included HSBC and Natixis.

In April 2024, S&P global ratings affirmed the company’s B- ratings on the group’s senior secured debt facilities, including the proposed term loan B add-on. The recovery ratings of 3, with 55% recovery prospects, remained unchanged.

Octus’ ESG analysis of Nemera is HERE.

In 2018, Astorg acquired Nemera from Montagu Private Equity for €1.04 billion on a ppre-IFRS 16 basis at a 14.7x EV multiple based on a pro forma EBITDA of €71 million, according to Fundamentals by Octus.

In 2019, Montagu reinvested in Nemera alongside another investor to support the next phase of Nemera’s growth, according to the sponsors’ website.

Astorg and Montagu each own 45% stake in the business and the rest is owned by the company’s management.

According to Octus’ CLO database Nemera’s loans are held by the following managers. Click HERE to see the holders in the database.
 

Nemera has its headquarters near Lyon, France. The company is a global manufacturer of drug delivery devices, with a broad portfolio of devices such as insulin pens or dry powder inhalers.

GSAM and Montagu declined to comment. Astorg did not reply to Octus’ request for comment.