BIP to sell €275 million seven-year secured floating-rate notes; roadshow through Wednesday

By Paul A. Harris

Portland, Ore., Oct. 5 – European management consulting firm BIP is in the market with a €275 million offering of Bach Bidco SpA seven-year senior secured floating-rate notes (expected ratings B2/B), according to a market source.

The deal is set to be shopped through Wednesday.

Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver. Credit Agricole is also a joint global coordinator and joint bookrunner. Banca IMI and UCI are also joint bookrunners.

The Regulation S for life and Rule 144A notes become callable after one year at par.

Proceeds plus balance sheet cash will be used to pay off the bridge facility used to fund the acquisition of BIP by CVC Capital Partners.

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