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LONDON - Project Aurora Bidco Limited, a special purpose vehicle backed by Kohlberg Kravis Roberts & Co. L.P. (KKR), has secured €975 million ($1.06 billion) in debt financing to support its acquisition of Spectris PLC, according to a statement released Friday.
The senior facilities agreement, signed on September 30, includes a €975 million term loan facility, a $900 million term loan facility, and a £300 million multicurrency revolving credit facility. The financing arrangement involves multiple financial institutions including J.P. Morgan, Jefferies Finance, Crédit Agricole, and BNP Paribas.
This debt package will partially fund the £41.75 per share cash offer for Spectris that was announced on August 5, representing an increase from the original offer made in July. The total offer comprises £41.47 in cash plus a 28 pence interim dividend per Spectris share.
Spectris shareholders approved all resolutions related to the acquisition at meetings held on August 27. The transaction is being implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
The acquisition remains subject to court sanction and other customary closing conditions. J.P. Morgan Cazenove is serving as financial advisor to KKR and Bidco for the transaction.
The deal had previously secured financing through an interim facilities agreement entered on July 2, as outlined in the scheme document provided to Spectris shareholders.
Documentation related to the senior facilities agreement will be available on Bidco’s website, according to the company’s statement based on a press release.
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