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Bain and Advent circle PIKE, while direct lenders vie to get in on $3bn debt recapitalization

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Bain and Advent circle PIKE, while direct lenders vie to get in on $3bn debt recapitalization

Shubham Saharan's avatar
Bill Weisbrod's avatar
Rachel Butt's avatar
  1. Shubham Saharan
  2. +Bill Weisbrod
  3. + 1 more
•1 min read

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Powerline and substation engineering company PIKE Corporation is exploring a partial stake sale, according to 9fin sources.

The company has an LTM EBITDA between $400m-$450m, the sources said. Buyout firms interested in investing in the company include Bain Capital and Advent International, they added.

Direct lenders are vying to provide financing to the business as the company could issue as much as $3bn in debt as part of the recapitalization. PIKE currently has about $1.8bn in debt per 9fin data, comprising of a $250m revolver, $730m of term debt, and about $1.1bn of senior secured notes.

PIKE specializes in engineering, construction, and maintenance for distribution and transmission power lines and substations. Current owner Lindsay Goldberg invested in the company in 2020, per the firm’s website.

Advent and Bain Capital declined to comment. Lindsay Goldberg and PIKE did not respond to requests for comment.

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