Devoteam offers price talk on €265M term loan add-on

Price talk on Devoteam SA’s €265 million fungible add-on to its E+450 term loan due December 2026 is out at 99.50 following a lender call yesterday. Credit Agricole CIB and KKR Capital Markets are physical bookrunners, and replies are due by Nov. 30.

Proceeds of the fully underwritten deal support the tender offer for Devoteam’s remaining listed shares. KKR and founding shareholders Godefroy and Stanislas de Bentzmann, via a vehicle called Castillon, took control of Devoteam last year in a deal backed by a €370 million loan. Castillon announced the acquisition of a further 4.4% stake in the group from Amiral Gestion at €168.5 per share in October, and subsequently launched a tender offer for the remaining listed shares. As of Nov. 8, Castillon held an approximately 90.4% stake in Devoteam. Last year’s offer valued the Paris-listed group at €98 per share.

Devoteam is an IT company that specializes in digital IT services, security, cloud computing and big data. Current ratings are B/B2 and updated levels are expected to follow shortly. CA-CIB is ratings adviser and agent.