Lumileds to get new credit facility with buyout by Apollo

By Sara Rosenberg

New York, Dec. 12 – Lumileds expects to get a new credit facility to help fund its purchase by Apollo Global Management LLC from Royal Philips, according to a market source.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, BNP Paribas Securities Corp., ING Capital Markets and Rabobank are the leads on the deal.

Under the agreement, Apollo is buying an 80.1% interest in Lumileds and Royal Philips will retain the remaining 19.9% interest.

The transaction values Lumileds at an enterprise value of about $2 billion, including debt and debt-like items. Royal Philips expects to receive cash proceeds, before tax and transaction-related costs, of around $1.5 billion and participating preferred equity.

Closing is expected in the first half of 2017, subject to customary conditions, including regulatory approvals.

Lumileds is a supplier of LED components and automotive lighting.

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