Phenna Group is pleased to announce the successful completion of a €175 million add-on to its existing term loan facilities, further strengthening the Group's capacity to support its ambitious acquisition strategy and continued international expansion.
The transaction was exceptionally well received by both existing and new lenders and was oversubscribed by four times (at par), reflecting strong confidence in Phenna Group's proven growth model, acquisition track record, and long-term strategy.
The financing achieved several notable milestones, including:
- One of the largest ever single-B Euro Term Loan B (TLB) add-ons priced above par.
- Amongst the tightest margins achieved for a single-B Euro TLB add-on priced above par.
- One of only six Euro TLB issuers over the past five years to successfully price a loan above par.
The additional capital provides Phenna Group with significant firepower to continue investing in high-quality TICC businesses across its core markets and supports the Group's commitment to partnering with founders and management teams seeking a long-term growth partner.
Paul Barry, Founder and Executive Chairman of Phenna Group, commented: "Successfully raising an additional €175 million, with demand exceeding the available allocation by more than four times, is a strong endorsement of Phenna Group's strategy, performance and future growth prospects. We are grateful for the continued support from our existing lending partners and are delighted to welcome several leading new institutional investors.
This financing provides us with additional flexibility to continue executing our acquisition strategy and partnering with outstanding businesses across the global TICC sector. The strength of the response from the lending community reflects the confidence investors have in our people, our operating model and the long-term opportunities ahead."
Phil Marshall, Chief Executive Officer of Phenna Group, shared: "Our acquisition strategy remains a key driver, and this additional funding further enhances our ability to support entrepreneurs and management teams looking for the right long-term home for their businesses.
The continued confidence shown by the debt markets is a testament to the quality of our companies, the expertise of our people and the strength of the relationships we have built across the Group. We look forward to continuing our growth journey and welcoming more exceptional businesses into Phenna Group."
Robert Rostas, Group CFO & COO, added: "This transaction represents a significant milestone for Phenna Group. The level of investor demand, combined with the pricing achieved, reflects the market's confidence in our proven acquisition strategy, strong cash generation and disciplined approach to growth.
The additional capital further strengthens our balance sheet and provides substantial capacity to continue supporting high-quality acquisitions while investing in the long-term development of our businesses and people."
The transaction was arranged with Goldman Sachs and Morgan Stanley acting as Joint Physical Bookrunners.