The recent acquisition of 3M Library Systems by Bibliotheca, the library technology provider, was backed by a $110 million unitranche loan from BlueBay Asset Management.
The bilateral financing brings Bibliotheca’s leverage to around 3x and the loan agreement includes a full set of covenants, PDI understands. The margin on the facility is around 700bps.
The transaction is US dollar denominated, but Bibliotheca has the option to draw down the funds in other currencies.
Bibliotheca, which is controlled by One Equity Partners, plans to merge with 3M’s North American company. Bibliotheca was formed in 2011 by the merger of Swiss-based Bibliotheca, the UK’s Intellident and North American firm Integrated Technology Group. Trion AG was also brought into the fold in 2012.
“Ever since the incorporation of the Bibliotheca Group in 2011 we have been focused on assembling the greatest team of people and the most innovative product set within the library industry. The news today brings together two strong businesses in the industry and makes Bibliotheca the most experienced and dedicated library company in the world,” said Simon Plankenhorn, Bibliotheca’s managing director.
BlueBay is close to a final close on its second direct lending fund, which has a €1 billion target. The firm scored a $45 million commitment from New Hampshire Retirement System in September, as reported.
London-headquartered BlueBay’s strategies include convertible bonds, emerging markets, investment grade debt, leveraged finance, multi-asset credit and private capital.