Mandated lead arrangers CIBC World Markets and Credit Agricole Indosuez have launched the second sub-underwriting stage of the EURO1.2 billion senior and subordinated debt package for the secondary buyout of Elis by PAI. Banks are invited to sub-underwrite EURO60 million, with a target hold of EURO40 million, for an all-in upfront fee of 125bp.
HypoVereinsbank, ING, Natexis Banques Populaires and Royal Bank of Scotland joined at the first sub-underwriting stage to co-underwrite the total debt.
Senior debt totals EURO910 million and 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 paying 325bp over Euribor and a EURO50 million seven-year revolving credit at 225bp over Euribor, with a commitment fee of 75bp. There is also a EURO120 million seven-year acquisition facility at 250bp over Euribor, with a commitment fee of 75bp. The EURO290 million nine-year six-month warrantless mezzanine tranche is priced at 5 per cent cash plus 6 per cent PIK. Total leverage on the secondary buyout is 6.2x.