KBRA Affirms the A Rating to BNP Paribas' Participation in a Subscription Facility to PAI Europe VII
15 Jan 2025 | London
KBRA UK (KBRA) has affirmed the A rating to BNP Paribas' participation in a subscription facility in the form of a committed and secured multi-currency facility (the “Facility”) to the partnerships comprising PAI Europe VII provided by a syndicate of lenders including BNP Paribas. The Outlook is Stable. The rating assigned was requested by BNP Paribas as a participating lender in the transaction. Neither PAI Partners nor any of its associates has requested this report or the rating, and this report has not been prepared for or approved by any of them.
As of July 2024, the Facility size was reduced from €500 million to €250 million and BNP Paribas’ commitment reduced proportionally to €45 million. The Facility has a one-year tenor and is due to mature in July 2025, subject to extensions. PAI Europe VII is a 2018 vintage fund with approximately €5,119 million in total commitments. It is the seventh buyout fund launched by PAI Partners, which focuses on acquiring mid-market companies in Europe with enterprise values between €300 million and €1.5 billion.
PAI Partners is a French private equity firm, originally part of Paribas Affaires Industrielles, which began operations in 1872. The Firm manages more than €28 billion of assets under management, having raised more than €33 billion in capital from investors, including pension funds, insurance companies, governmental organisations, banks, fund of funds and high net worth individuals. PAI Partners has raised third-party funds since 1998, investing €26 billion in buyouts of companies with a combined transaction value of over €70 billion.
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