The deal will include senior and mezzanine tranches. Syndication is set to launch as early as this week, with a bank meeting expected around July 8.
Allocation has been delayed because the loan deal has yet to formally close, but reductions in senior commitments are expected to see some scalebacks. Mezzanine closed oversubscribed.
Senior debt sold mainly to banks, though institutional investors have committed to the deal.
Debt includes £530m of senior and £105m of mezzanine.
Senior debt is made up of a £60m seven-year term loan A paying 275bp over Libor, an £85m eight-year term loan B paying 337.5bp, an £85m nine-year term loan C paying 387.5bp along with £20m of capex facilities and a £10m revolving credit facility, both seven-year and paying 275bp.
An additional £105m of 10-year mezzanine pays 975bp.
Leverage is 4.4x through the senior debt and 6.5x in total.
Bookrunners Calyon, Credit Mutuel-CIC and Natixis have launched general syndication of €230m seven and eight-year senior facilities backing
Mezzanine of €80m was underwritten by Euromezz.
Bookrunner and MLA Mediobanca and MLA Nordea have closed syndication of the SFr221m senior facilities and SFr25m mezzanine facility financing the acquisition of Maillefer Extrusion by Alpha from Argos Soditic.
The senior debt tranches are made up of SFr50m seven-year amortising term loan A paying 225bp over Euribor, a SFr40m eight-year bullet term loan B paying 275bp, a SFr31m nine-year bullet term loan C paying 325bp and a SFr100m seven-year revolver paying 225bp.
The SFr100m revolver includes a SFr75m guarantee facility to allow for the issuance of advance payments bonds. This has been sold to an insurance company active in this business.
Since closing, senior facilities have been increased by SFr25m (guarantee facility only).
The mezzanine was placed with Nomura Mezzanine.
Leverage at closing was 3.8x through senior and 4.6x through total.