Senvion buyer to raise €400m
Notes issue by Centerbridge unit to part-fund deal for manufacturer
A financial vehicle owned by Centerbridge Partners is to issue €400m in notes to part-fund the company’s purchase of German wind turbine manufacturer Senvion.
The senior secured notes from Rapid Holding GmbH are due 2020 and net proceeds of the offering will be used alongside equity contributions from Centerbridge affiliates, plus borrowings under a €180m cash liquidity facility.
Indian parent company Suzlon agreed to sell Senvion to the private equity firm for €1bn in January.
Centerbridge Partners, which has offices in London and New York, has said it will continue to bankroll innovation at Senvion following completion of the deal.
Image: the deal to buy the wind turbine manufacturer was revealed in January (Senvion)