Scan Global Logistics/Skill BidCo talks €725 million minimum floater at 675-700 bps spread at 98

By Paul A. Harris

Portland, Ore., Feb. 14 – Skill BidCo ApS talked €725 million to €750 million of five-year senior secured floating-rate notes (B/B+) at Euribor plus 675 basis points to 700 bps at an original issue discount of 98, according to a market source.

The deal, backing the buyout of Denmark-based Scan Global Logistics by CVC Capital Partners, is expected to allocate on Wednesday.

Earlier the deal had been in the market with provision for a possible dollar-denominated tranche, sources said.

Pareto Securities is leading the notes offering.

Proceeds plus sponsor equity will be used to help fund the buyout of the Copenhagen-based freight logistics company by CVC Capital Partners.

There is no committed financing for the buyout, which hinges on the successful placement of the notes, market sources say.

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