Wireless Logic refinances itself through a direct syndicated loan agreement
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LONDON (Reuters) – UK software services provider Wireless Logic, owned by CVC, has refinanced £ 115million, it was announced on Tuesday in a syndicated direct loan deal .
This is one of the first senior stretch loans made by direct lenders to be syndicated to a group of banks and funds.
“This is part of a small but growing trend,” said a senior banker.
Stretched senior loans fall somewhere between the sleeker, more expensive senior loans and unitranche loans.
The loan was taken out by SMBC as sole bookrunner and lead investor, Park Square Capital and SMBC JV Loan Fund. Ares, CVC Credit and HSBC have joined as arrangers.
This is the third agreement between the Park Square Capital and SMBC joint venture since its launch in mid-2017 to provide unitranche loans to mid-sized European companies. At the time, Thomson Reuters LPC said it was targeting a size of € 3 billion.
The joint venture brought together two former GE colleagues, Howard Sharp, Head of Park Square Mid-Market Direct Lending, and Owen Verrier-Jones, Head of SMBC Sponsorship Coverage and Origination, both of whom have joined their respective companies of GE Capital in 2015.
CVC acquired Wireless Logic from ECI Partners in 2015, backed by £ 75million funding provided by Ares Management and GE Capital, split between a £ 65million unitranche facility and a working capital and facility. acquisition of £ 10 million.
Wireless Logic is a leading European provider of machine-to-machine and Internet of Things managed service platforms.
Editing by Christopher Mangam
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