Businessman Sean Quinn is believed to have raised fresh funding of least $600 million (€496 million) in the US, far more than originally anticipated.
As reported in The Irish Times last month, the Cavan-based businessman has been active in the US private placement market over the last two months, raising about $300 million in debt. But it now emerges that a separate syndicated loan has also been provided to the Quinn Group of companies. It is believed to be at least as large as the $300 million private placement deal, possibly significantly larger.
Barclays said yesterday it had completed "a significant finance raising transaction on behalf of the Quinn Group".
Barclays Bank Ireland Plc, in association with Barclays Capital, the investment banking division of Barclays, raised the $300 million on behalf of the Quinn Group over recent weeks.
But it also disclosed that an additional syndicated bank finance deal on behalf of the Quinn Group had been completed. The Quinn Group has declined to state what the funds will be used for.
Adrian Doran, head of business banking, Northern Ireland, who led the transaction on behalf of Barclays, said the deal was the latest in a series of series of major deals that Barclays had managed on behalf of major Irish firms.
"We are absolutely delighted to have been given the opportunity to lead this transaction, which is Quinn Group's inaugural issue in the debt capital markets. Both the bank and private placement facilities were over-subscribed and were competitively priced which reflects Barclays' expertise in these markets as well as the strong credit rating of the Quinn Group," he said.
A spokesman for the Quinn Group simply said the funds would be used by the company for future development needs and to replace existing debt.
The Quinn Group is now a multinational organisation with substantial interests in a range of diverse sectors including financial services, cement production and the manufacture of related concrete products. It is a market leader in Ireland and the UK in the production of container glass products for the drinks and food trade and is a major provider of building insulation products.
It is reckoned to be the one of the largest private companies in Ireland. While market sources have speculated about a flotation, the latest large scale fund raising suggests this is not going to happen for at least several years.
Throughout its operations the Quinn Group employs over 6,500 people and has been in business for over 33 years.
