Background
• A leading provider of business-critical accounting, tax and financial planning software solutions in Germany
• Acquired by HgCapital in June 2005
• Desire to raise new debt facilities to return case to shareholders and provide committed funding or acquisitions
Process
• Close Brothers Corporate Finance co-ordinated all aspects of the refinancing in tough marketing conditions
• New and existing lenders approached for independent proposals based on key funding objectives
• Process planned to maximise competitive tension and deliverability
Gains
• Facilities totalling €130 million satisfied all of the Comany's objectives including a fully committed acquisition facility totalling €15 million
• Senior and Second Lien facilities jointly underwritten at the height of the credit crunch
• €43 million repaid to shareholders