Sherwood gets bridge financing for Arrow purchase

By Rebecca Melvin

Concord, N.H., Oct. 7 – Sherwood Acquisitions Ltd., a newly formed company owned by investment funds managed by TDR Capital LLP, has obtained certain financing agreements enabling it to acquire Arrow Global Group plc for cash, according to a release

The agreements make available senior secured bridge facilities to certain subsidiaries of Sherwood Parentco Ltd., including a €725 million facility, €250 million facility and £400 million facility. The agreements also make available a £285 million revolver.

The proceeds of loans drawn under the revolver can be used for the purposes of, among other things, financing any amount payable under or in connection with the acquisition, refinancing the existing debt of Arrow and general corporate purposes/working capital requirements.

The proceeds of loans under the senior secured bridge facilities can be used for refinancing the existing debt of Arrow.

Citigroup Global Markets Ltd. (+44 20 7986 4000) is the lead financial adviser and corporate broker to the bidco; Ashcombe Advisers LLP (+44 20 7529 5800) and Barclays Bank plc (+44 20 7623 2323) are financial advisers to the bidco.

TDR is a private equity firm and Arrow is an asset manager, both based in the United Kingdom.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.