Nordlo Completes SEK 3.6 Billion Refinancing
Deal News | Dec 19, 2024 | FSN Capital Partners AS
Nordlo, a portfolio company under FSN Capital Confluence, successfully closed a SEK 3.6 billion refinancing initiative partnering with Barings, Capital Four, and DNB. This refinancing package is structured with senior term debt and committed M&A facilities, along with a super senior revolving credit line, to repay existing debts and support Nordlo's strategic growth in M&A activities. The refinancing marks a strategic step following Nordlo’s acquisition by FSN Capital Confluence in July 2024, equipping it with a robust capital base for expansion in Northern Europe. This transaction highlighted significant interest from direct lenders and banks, emphasizing Nordlo's solid market standing and capacity for sustainable growth.
Sectors
- Private Equity
- Cloud and Managed Services
- Financial Services
Geography
- Sweden – Nordlo operates primarily in Sweden and is a significant market for the company's services.
- Norway – Nordlo also has a substantial market presence in Norway.
- Northern Europe – FSN Capital's focus on investments in this region and Nordlo's operational geography.
Industry
- Private Equity – FSN Capital Partners as a key player in managing portfolio company Nordlo.
- Cloud and Managed Services – Nordlo is a leading provider of these services in the Nordic region.
- Financial Services – Involvement of Barings, Capital Four, and DNB as financial institutions in the refinancing process.
Financials
- SEK 3.6 billion – Total refinancing package raised by Nordlo.
- SEK 1.5 billion – Additional commitments available for future acquisitions.
- €315 million – Equivalent of SEK 3.6 billion in euros.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nordlo | Target Company | Company | A leading provider of cloud and managed services in Sweden and Norway. |
| FSN Capital Confluence | PE Firm | Company | Private Equity firm investing in Nordlo. |
| Barings | Senior Lender | Company | Provided senior term debt and M&A facilities. |
| Capital Four | Senior Lender | Company | Co-lender with Barings. |
| DNB | Super Senior Lender | Company | Provided super senior revolving credit facility. |
| White & Case | Legal Advisor | Company | Advised Nordlo and FSN Capital Confluence. |
| EY | Financial Advisor | Company | Advised on financial matters of the refinancing. |
| PWC | Tax Advisor | Company | Advised on tax structuring. |
| Roschier | Legal Advisor | Company | Advised Barings and Capital Four. |
| Mannheimer Swartling | Legal Advisor | Company | Advised DNB. |