Peranel Set Terms for €2.87 Billion Loan Deal
The financing supports Platinum Equity's acquisition of a 50% stake in Nestlé's water and beverage division.
Updated on Sept. 26, 2026 in Corporate Finance
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Peranel has finalized the terms for a €2.871 billion cross-border term loan to facilitate Platinum Equity's purchase of a 50% stake in Nestlé's water and beverage business. The deal successfully concluded syndication following a total facility size increase.
Why it matters
The financing enables the strategic transition of Nestlé's water operations, where Peranel maintains control of major global brands such as S.Pellegrino and Perrier. This structure leverages the group's significant EBITDA contribution from its core premium brands.
The loan comprises a $1.83 billion tranche and a €1.3 billion tranche, priced at S/E+400 with a 0% floor offered at 97. These segments support an entity with a total valuation of €4.9 billion and a €500 million revolving credit facility.
The players
Peranel
A Paris-based company that owns more than 30 beverage brands including S.Pellegrino, Perrier, Acqua Panna, and Buxton.
Platinum Equity
A global investment firm that is acquiring a 50% stake in the water and beverage business previously held by Nestlé.
Nestlé
A multinational food and drink processing conglomerate that is offloading half of its water and beverage business.
BofA Securities
A leading financial services firm serving as a lead physical bookrunner for the syndication process.
Deutsche Bank
A major German multinational investment bank that acted as a lead physical bookrunner for this loan deal.
The details
The loan includes six months of soft-call protection at 101, with issuer and issue ratings currently assigned at B+/B1 with a stable outlook. Nestlé has provided comprehensive indemnification of all historical liabilities associated with the business unit.
Timeline
The loan deal officially launched on September 9, 2026.
Syndication replies were completed by September 22, 2026.
A flex on the loan terms occurred on September 24, 2026.
Final terms were set and updated on September 25, 2026.
Market Landscape
This transaction reflects broader industry efforts to carve out and monetize specific premium beverage assets within larger diversified portfolios. The deal follows a pattern set by the historical liabilities of the Nancy water bottling site, which necessitated Nestlé providing comprehensive indemnification to ensure the deal's viability.
For customers, this corporate transition ensures the continued availability of popular brands like S.Pellegrino and Perrier through a new ownership structure. The deal does not currently signal changes to retail pricing or subscription availability for standard beverage consumers.
The takeaway
The successful syndication of this loan demonstrates strong investor appetite for premium beverage brands despite the complexities of historical liabilities. Stakeholders should note that such large-scale debt deals are frequently restructured during syndication to reach final pricing targets.
What happens next
The acquisition deal is expected to reach its final closing date sometime in 2027.
Further reading
For more on large-scale leveraged financing, visit the Corporate Finance section.
Source note: This article includes information reported by Pitchbook.
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