Borsodchem out to market

UniCredit, Lehman Brothers and RBS have launched the €1.15bn financing backing Permira‘s buyout of Hungarian chemicals company Borsodchem. The structure comprised a €275m eight-year B tranche paying 275bp, a €275m nine-year C tranche paying 325bp, a €100m seven-year revolver at 225bp, a €300m capex facility at 250bp, and €200m of mezzanine, for which pricing has not been disclosed. There is no A tranche. Two take-and-hold tickets are offered. Arrangers will earn 80bp for €35m and co-arrangers 65bp for €20m. Some €150m of the B and C is carved out for funds.

Seven banks joined the senior phase of the deal. They are BayernLB, Erste Bank, HBOS, KBC, Mizuho Corporate Bank, RZB and WestLB. Each committed to €125m sub-underwriting tickets, from which they were scaled back.

Permira’s buyout has been approved by Hungary’s State Financial Supervisory and the EU Commission.