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Leveraged Loans

April Group preps bank-led loan to refinance private credit facility

The deal returns April to syndicated loans after it moved to private credit early last year.

KKR-backed insurance broker April Group is out with a €1.2 billion, seven-year term loan ahead of a global lender call on Feb. 26 at 9 a.m. GMT. Small group meetings are also available from Monday, and replies are due by 3 p.m. GMT on March 6 via joint physical bookrunners KKR Capital Markets, HSBC and Nomura.

Price talk will follow. Proceeds refinance debt and support the acquisition of wealth manager DLPK Group. Ratings are expected to emerge at B/B2, and the loan comes with six months of soft-call protection at 101. Athena Bidco is the borrower.

Barclays, BNP Paribas, ING, Natixis and SMBC make up the full bookrunner group.

The deal returns April to syndicated loans after it moved to private credit early last year. This followed its KKR-led buyout from CVC, which was backed by a unitranche of roughly €800 million provided by a club of lenders. Prior to that, the firm had been an all-loan name via a €488.8 million term loan allocated in November 2019 that was then increased via a €65 million add-on and repriced as a €553 million loan in March 2021, at E+325.

April announced the acquisition of DLPK Group in January, in a deal designed to bolster the combined group’s position in the French savings and investment products market. April is the leading wholesale broker in France, with a network of 15,000 wholesale brokers.

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