Orc issues private equity backed high yield bond on Swedish debt capital market
Cidron Delfi Intressenter AB (publ), a Nordic Capital Fund VII portfolio company which heads up the Orc Group, has issued a five year, EUR 60 million senior secured bond carrying an 8.5 per cent fixed coupon on to the Swedish debt capital market. This is the first private equity backed high yield bond to be issued on to the Swedish debt capital market. The proceeds of the issue have been used to re-finance loans made available in relation to the acquisition by Nordic Capital Fund VII of Orc Group AB. Application for a listing of the bonds on NASDAQ OMX Stockholm will be made.
The transaction was well received by the market with the offering being oversubscribed and the offer closing prior to completion of the investor road-show.
Orc Group AB is a leading provider of technology and services for the global financial industry. Since 1987, Orc Group AB has delivered trading and market access solutions used by proprietary trading and market making firms, investment banks, hedge funds and brokerage houses worldwide.
Nordic Capital Private Equity Funds invests in large and medium sized companies, primarily in the Nordic region. The most recent fund is Nordic Capital Fund VII with EUR 4.3 billion in committed capital, principally provided by international institutional investors.
Nordic Capital and Orc Group AB were advised by Mannheimer Swartling. André Andersson led the firm’s team consisting of David Tayler, Amanda Skalin, Henrik Dock, Nils Nostell, and Rasmus Fahlén.