Rlpc blackstones intertrust seeks loan refi for dividend payout

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Dutch trust and corporate management business Intertrust Group is seeking to raise a new 837 million euro ($1.15 billion) loan to refinance existing debt a pay a dividend to private equity owner Blackstone, banking sources said on Monday. Deutsche Bank, Bank of America Merrill Lynch and Nomura are bookrunners on the dividend recapitalisation which includes a 582 million euro, seven-year term loan B and a 255 million euro, eight-year second lien facility, both denominated in euros and dollars.

Blackstone declined to comment. Dividend recapitalisations have proven popular in Europe's leveraged loan market due to a lack of M&A activity as it allows owners to realise some value in their investment.

Blackstone agreed to buy Intertrust from Dutch private equity firm Waterland for around 675 million euros in 2011, backed with a 512 million euro loan.

It raised an additional 200 million euro add-on facility in 2013 to fund Intertrust's acquisition of fiduciary, management and administration services provider ATC Group from HgCapital. Founded in 1952, Intertrust's core business is to set up and manage holding companies. ($1 = 0.7255 Euros)