Devoteam prices €265M loan add-on at par; terms

Devoteam SA has priced the €265 million fungible add-on to its E+450 term loan due December 2027 at par, following initial guidance of 99.5. Credit Agricole CIB and KKR Capital Markets were physical bookrunners, and the deal was presented on a Nov. 17 call.

Proceeds from the 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 in 2020 in a deal backed by a €370 million loan.

Ratings are affirmed at B/B2 with a 3 recovery rating.

Devoteam is an IT company that specializes in digital services, security, cloud computing and big data. The completion of the take-private will leave the Bentzmann family with a 53.7% stake and KKR with a 44.5% stake.

Terms: