INNIO completes €322M non-fungible term loan to refinance debt

INNIO Group Holding GmbH — formerly known as Distributed Power — has completed a €322 million non-fungible term loan B due November 2025. Jefferies was the sole bookrunner on the transaction, the proceeds of which will be used to refinance existing second-lien debt and to refund the OEKB-backed loan.

The add-on was priced at E+425 (subject to a margin ratchet) with a 0% floor at par, suggesting a yield to maturity of around 4.32%.

Distributed Power was last in the market in 2018 with a term loan due November 2025 to back Advent’s carve-out of the firm from General Electric. A $1.125 billion-equivalent euro facility was priced at E+350 with a 0% floor, while a $400 million dollar tranche was wrapped at L+325 with a 0% floor.

INNIO manufactures gas engines and cogeneration equipment used for power generation and gas compression. The company is based in Jenbach, Austria.

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