Arcus lines up lenders on Forth Ports
Arcus European Infrastructure Fund 1 has lined up six lenders to support its cash offer for listed ports operator Forth Ports. Arcus, through special purpose vehicle Otter Ports, has offered £16.30 ($26.71) per share for the 77.2% of Forth Ports that it does not own (requiring roughly £575 million in funding), as well as a £0.20 per share dividend (£9.17 million, including a dividend to itself). The board of Forth Ports, which rebuffed earlier offers from a group that included Arcus, has recommended that shareholders accept the offer.
It says it will fund the offer, which values Forth at roughly £760 million, with a combination of equity underwritten by Arcus, through holding company AEIF LH Sub 03 Sàrl, and debt. Debt commitments are already in place from JP Morgan, Crédit Agricole, RBC, Royal Bank of Scotland and Santander, which are arranging and underwriting the deal....
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