Article
Tikehau Leads €250M Unitranche to Refinance Ardian-backed SLV Lighting
By: Sidney Watson
Tikehau Capital led the refinancing transaction for German lighting fixtures retailer SLV Lighting with a €250 million unitranche, sources told Octus.
Hayfin was also in the lender line-up for the new unitranche debt, the sources said.
The debt facility carries a partial PIK toggle, paying either a cash coupon of Euribor+ 900 bps or a cash coupon of 600 bps over the benchmark plus a 350 bps PIK, according to sources. Fees are 3%, they added.
Sponsor Ardian said in a press release on Oct. 2 that its portfolio company SLV Lighting completed a €275 million refinancing, involving a five-year unitranche alongside a super senior revolving credit facility, to fully refinance the company’s debt. The deal was accompanied by €25 million of fresh equity from the sponsor, which Ardian had injected as part of an amend-and-extend in July to provide the company with sufficient runway to arrange the new unitranche.
The overall refinancing package implies a net leverage of 5.5x based on the group’s adjusted EBITDA of about €50 million, sources said.
SLV Lighting has been turning its performance around, posting a 12.8% increase in adjusted EBITDA to €50 million in 2025. Net sales, however, were relatively flat, coming in at €209 million.
The unitranche refinanced the group’s €262 million term loan B that was due in January 2027 and a €32 million RCF due in December this year.
The deal came after a number of attempts by Ardian to deal with SLV’s maturities, including exploring a Nordic bond refinancing via Pareto.
Ardian, Hayfin and Tikehau declined to comment.
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