Schaltbau completes financing in early-bird phase for Carlyle's take-private

Transportation engineering firm Schaltbau Holding AG has completed an upsized €225 million, seven-year term loan B as part of a €330 million environmental, social and governance-linked financing package backing its acquisition by Carlyle. The deal was completed in the early-bird phase without being launched to general syndication. It was also upsized and its terms were optimized.

The new seven-year TLB, which was upsized from a planned €185 million, was priced at E+450 with a 0% floor at 99 to yield around 4.76%. The facility was accompanied by a €75 million, six-year guarantee facility (priced at E+275 at par) and a €30 million, six-year revolver (E+400 at par).

UniCredit was the sole physical bookrunner on the deal and also acted as the facility/security agent. Commerzbank and ING joined the deal as passive bookrunners.

Munich-based Schaltbau is a technology provider for safety and availability across rail and power applications. Earlier this month, Carlyle announced it had completed the voluntary public takeover offer for the company via Voltage Bidco, a wholly owned subsidiary, with some 78.2% of Schaltbau shares tendered as of Sept. 30.