Response to Amadeus’ add-on facility, which replaces its cancelled €900m high-yield bond, has been overwhelming, according to MLAs Barclays, Credit Suisse, JP Morgan, Merrill Lynch and RBS.
The size of the response means that scalebacks will be severe. In addition, it now looks almost certain that the second lien piece will be reverse flexed. The deal’s success is partly due to the number of new accounts who have started investing in the European product since the original deal was syndicated last year.
The new debt adds €110m to each of the A,B and C tranches, together with a new €270m second lien piece and a €215m cash bridge.
The amended structure comprises a €910m seven-year term loan A at 225bp over Euribor, a €1.060bn eight-year term loan B at 275bp, a €1.060bn nine-year term loan C at 325bp, a €500m seven-year revolver at 225bp and a €200m seven-year acquisition facility at 225bp, together with the new €270m second lien and €215m cash bridge.
The original buyout of the Spanish booking agency was completed in July 2005, when UK-based private equity firms Cinven and BC Partners paid €4.34bn to delist it from the Bolsa de Madrid.