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Ventura Seeks Loan Refinancing

Melbourne / Victoria Transport Discussion

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Ventura Seeks Loan Refinancing

Postby Peter1805 » Mon Feb 12, 2018 11:23 am

Ventura Bus Lines is in the market to refinance the loans it took out to purchase Grendas.

Article in Australian Financial Review, 30 January 2018:

http://www.afr.com/street-talk/banks-take-tickets-for-ventura-bus-lines-refi-20180128-h0poll

From the article:

The wheels on the bus go round and round, and so do debt market cycles.

Street Talk can reveal Victoria's biggest bus company Ventura Bus Lines is in the market for a $400 million refinancing with the help of Grant Samuel.

It is understood the deal has been structured as a senior, secured loan and has already been pitched to the banks and other credit investors.

It's expected to see major lender ​Intermediate Capital Group significantly reduce its exposure to the bus and coach operator, with Ventura said to be in advanced negotiations with a number of new faces to the syndicate.



A deal is on track to be signed before March, sources said.

Ventura started its engines in 1924 and is owned by the Cornwall family. It operates 81 bus routes under contract to the Government of Victoria, which makes it one of the state's biggest bus operators.

The bus company secured the backing of Intermediate Capital Group in 2012 when the credit investor provided $155 million of mezzanine and equity capital to help fund its acquisition of another family-owned group Melbourne-based bus company, Grenda Transit Management.

It was a big deal for Ventura, buying Grenda's 650 bus operation in a $400 million-plus transaction, creating an entity with more than 1600 employees, 950 buses and responsible for more than 32 million customer trips across Melbourne each year.

ICG is one of the largest investors of private debt, credit and equity globally with more than €21.6 billion ($33.1 billion) in funds under management.


Last edited by Peter1805 on Mon Feb 12, 2018 11:28 am, edited 1 time in total.
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Re: Ventura Seeks Loan Refinancing

Postby Peter1805 » Mon Feb 12, 2018 11:26 am

In other, unrelated, news Peter1805 has left Ventura's employment recently...
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