Financial markets in brief

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  • Numericable‘s waiver request has gained the two thirds investor support needed to allow it to issue an €800m nine-year term loan C at 275bp over Libor to replace the €250m nine-year second-lien tranche at 475bp and the €500m 10-year mezzanine tranche at 912.5bp. It is getting a good response from the market in spite of vociferous opposition to it when it was first announced. Investors had until last Friday to vote on the motion but had already passed the minimum threshold of support needed earlier in the week. BNP Paribas is bookrunner.
  • Bookrunners BNP Paribas, CIBC World Markets, ING and Lehman Brothers have launched a €1.87bn facility backing a refinancing of Dutch waste management business AVR and its bolt-on acquisition of Benelux-based rival Van Gansewinkel. The deal comes after the buyout of AVR by a consortium of sponsors including CVC and KKR for €1.4bn deal in 2006.
  • Carl Zeiss Vision is closing its €885m refinancing, through bookrunners Deutsche Bank and Mizuho Corporate Bank with MLA RBS. The fund pieces are already oversubscribed with the bank pieces heading a similar way. Allocations are expected to be finalised at the end of next week. Proceeds replace a €881m loan from 2005 that supported the merger between Carl Zeiss Ophthalmic Lens Division and SOLA and do not fund a dividend for shareholders Carl Zeiss and EQT. The new facility is split between a €100m term loan A paying 212.5bp over Euribor, a €600m term loan B at 275bp and a €100m revolver. In addition there is a non-call one €85m second lien loan paying 500bp over Euribor.In syndication bank lenders are invited to join on €35m for 75bp, €25m for 62.5bp or €15m for 50bp. Funds will be offered 70% of the B tranche and the entire second lien.
  • BNP Paribas has been mandated as sole bookrunner and arranger on a facility backing the €156m secondary buyout of German manufacturer Zarges Tubesca.
  • Mid-market private equity house Baird Capital Partners Europe has backed the MBO from AlpInvest. Zarges manufactures ladders and scaffolding systems used in industry. The company has operations in Germany and France.
  • Acteon is preparing to launch general syndication of its £100m term loan and revolver, through bookrunner ABN AMRO. Before the launch next week the Bank of Scotland and RBS both joined as MLAs. The facility is split between a seven-year amortising term loan and a six-year revolver. Proceeds refinance debt and are intended to finance future acquisitions. US-based energy focused PE group acquired a majority stake in Norwich based Acteon in November 2006.