Safran closes €4 billion bridge facility to fund acquisition of Zodiac

By Marisa Wong

Morgantown, W.Va., March 13 – Safran said it obtained a €4 billion bridge facility with a term of 12 months and two six-month extension options. Syndication of the bridge facility closed on March 6, according to a Monday press release.

The facility is fully underwritten by Bank of America Merrill Lynch as bookrunner and is supported by 12 banks as mandated lead arrangers.

The transaction was oversubscribed by 70%, the release noted.

Safran will use the bridge loan, along with existing committed undrawn facilities and cash on hand, to fund its acquisition of Zodiac Aerospace.

Safran is a Paris-based high-technology group focused on aerospace, defense and security businesses.

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