Commonwealth Bank of Australia has kicked off syndication of a $225 million to fund Retail Zoo’s buyout, and will make its first pitch to banks and other potential lenders this week.
Commonwealth Bank of Australia has kicked off syndication of a $225 million debt facility to fund Retail Zoo’s buyout, and will make its first pitch to banks and other potential lenders this week.Retail Zoo boss Nishad Alani with his incoming owner, Georgina Varley of Adamantem Capital.
The loan was understood to be priced at 425 to 450 basis points above swaps and would see Betty’s Burger and Boost Juice owner Retail Zoo geared at about three-times forecast earnings. The syndication launched with pre-commitments from Challenger and Metrics Credit Partners, sources said. The deal, and CBA’s position as underwriter, is indicative of the bank’s thirst for leveraged buyouts and acts as warning shot to other lenders.
CBA was already a lender under Bain Capital’s ownership and is doubling down under Adamantem’s buyout.Proceeds would be used to refuel Retail Zoo and help Australian private equity firm Adamantem Capital settle its acquisition., and the deal was signed in February. Retail Zoo is majority owned by Bain Capital.
Retail Zoo operates about 750 company-owned and franchised stores under the Boost, Betty’s Burgers, Salsa’s Fresh Mex and CIBO Espresso brands.
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