Mandated lead arrangers CIBC and Credit Agricole Indosuez have signed banks and institutions from senior syndication into Elis’ EURO910 million senior secured facility.
HypoVereinsbank, ING and Royal Bank of Scotland joined as arrangers ahead of launch. In addition, there are 13 banks and 13 funds that have joined the facility on a range of sub-underwriting and take-and-hold participations.
Senior co-arrangers are Bank of Ireland, Bank of Scotland, Credit Lyonnais, Natexis Banques Populaires, SEB, SG and WestLB, while Landesbank Hessen-Thueringen, NIB Capital Bank, AIB Capital Markets and CDC IXIS joined as co-arrangers.
Centrobanco and Compagnie Financiere du Credit Mutuel joined as managers. Funds participating have not been disclosed. Meanwhile, the EURO290 million mezzanine tranche was well received and closed oversubscribed and it is thought to have drawn 14 commitments.
The EURO910 million senior debt comprises a EURO310 million seven-year term loan A at 225bp over Euribor, a EURO230 million eight-year term loan B at 275bp over Euribor, a EURO200 million nine-year term loan C at 325bp and a EURO50 million seven-year revolver at 225bp, with a commitment fee of 75bp. There is also a EURO120 million seven-year acquisition facility at 250bp, with a commitment fee of 75bp. The EURO290 million nine-year six-month warrant-less mezzanine tranche is priced at five per cent cash plus six per cent PIK.