IFM Investors locks in debt for PRP Diagnostic buyout

IFM Investors’ private equity team locked and loaded its $330 million debt package to finance its acquisition of Crescent Capital-backed radiology business PRP Diagnostic Imaging.In the latest leveraged finance temperature check, at a time when financial sponsors are sitting on mounds of dry powder, IFM was able to sell down the unwritten debt ahead of schedule.

Sources said the three underwriting banks RBC Capital Markets , Mitsubishi UFJ Financial Group and Commonwealth Bank of Australia kept some of the package as an investment, and syndicated the rest to lenders already in the debt stack and some fresh faces. Eight to 10 institutions made up the mix, including Macquarie and Roc Partners, who backed PRP under its former owner Crescent Capital.AdvertisementOutgoing owner

to buy 75 per cent of PRP in mid-2020. Crescent put it on the auction block last year via Morgan Stanley.and North American joint bidders Stonepeak and OMERS to win the auction in November, paying $800 million odd alongside co-investor UniSuper.

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Source: FinancialReview - 🏆 2. / 90 Read more »