Last year, Bain Capital Special Situations and four other investors gained control of the country’s second-largest winemaker, Accolade Wines, in a debt-for-equity swap. Now, they’re hoping loan markets will back their turnaround plan.
Street Talk can reveal Vinarchy, the rebadged and merged Accolade and Pernod Ricard business, has mandated Commonwealth Bank of Australia to line up a $700 million debt package for the business. It marks the first refinancing since The Carlyle Group’s exit last year and will serve as an early test of its financial health.
CBA is grinding through a roadshow for Vinarchy this week to syndicate the $700 million deal to other lenders including Sydney and Melbourne credit funds, after agreeing to be sole underwriter and the mandated lead arranger earlier this month. Commitments are due in mid-June, and the guidance is for a margin of 3 to 3.5 per cent over swaps.
