New Look is out with an amendment to its £485m leveraged buyout financing that will allow the sponsors to pay themselves a £100m dividend from the retailers balance sheet. MLAs are CSFB, HVB Group and HSBC.
The waiver will not involve any increase in the senior debt facilities and lenders will receive a 10bp fee. The dividend comes after New Look reported an excellent trading performance last Christmas.
Apax and Permira took New Look private in April last-year. Supporting senior debt was split into a £167.5m seven-year term loan paying 225bp over Libor, a £83.75m eight-year term loan B at 275bp, a £83.75m nine-year term loan C at 325bp and a £50m seven-year revolver. There was also a £100m 10-year mezzanine loan paying 4.5% cash and 5.5% PIK.
Vetco International is out with an amendment to its US$853m senior leverage buyout loan through MLAs Bank of Scotland, CSFB and JPMorgan. The amendment will allow the company to pay a dividend to its private equity shareholders. The amendment will increase the B and C term loans by US$50m apiece, while the bonding facility is upped by US$45m.
The original senior debt package was split into a US$265m seven-year term loan A paying 225bp over Libor, a US$104m eight-year term loan B at 275bp, a US$104m nine-year term loan C at 325bp, a US$125m revolver paying 225bp and a US$225m bonding facility at 250bp. In addition, there is a US$200m mezzanine loan, paying 4% cash and 4% PIK with warrants.