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April 2011 Transport News

11 April 2011

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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