Financing in brief

• Spanish tour operator Orizonia (formerly Iberostar) is in the market with a €90m B tranche add-on through bookrunner SG. Proceeds will fund two add-on acquisitions, that of tour operator Vacaciones and online travel group Viajar.com, as well as paying a special dividend. A bank meeting will be held in Madrid on January 29. The add-on is to the borrower’s €640m LBO financing of July 2006. That loan backed Carlyle’s acquisition of the company. Goldman Sachs and SG were bookrunners and Caja Madrid an MLA.

• HSBC, Morgan Stanley and SEB Merchant Banking have been mandated to support Investor AB and Morgan Stanley Principal Investments’ agreed bid for Swedish medical products company Mölnlycke Health Care Group. Apax is selling the group for €2.85bn. The debt package will consist of senior, second lien and mezzanine elements, with HSBC and Morgan Stanley mandated on both senior and junior elements and with SEB Merchant Banking taking a lead role on the senior only. Apax acquired Mölnlycke in 2005 in a secondary buyout from Nordic Capital supported by a €1.2bn buyout. The group completed a €127m B loan add-on last year with Barclays and Deutsche Bank as MLAs.

• HSBC has completed the £118m debt package supporting Phoenix Equity Partners’ £124m buyout of ASCO, a Scottish oil services group. The facility is split between senior debt of £100m and a £18m mezzanine portion, which Indigo has taken. The senior portion closed oversubscribed and the B/C tranches will be flexed down as a result.

• Bookrunner BNP Paribas has closed a €90m add-on for Levantina, a Spanish marble and granite finisher and supplier. The facility will finance external growth. Syndication will be launched in February. Levantina was acquired by sponsors Impala and Charterhouse in a May 2005 deal backed by an all-senior €358m debt package arranged, underwritten and syndicated solely by BNP Paribas.

• BNP Paribas, CIBC World Markets, ING and Lehman Brothers and have been mandated to arrange and bookrun the debt backing a bolt-on acquisition by Dutch waste management business AVR 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 in 2006.

• The £225m loan backing Blackstone’s secondary buyout of UK restaurant operator Tragus from LGV has been launched through bookrunner Barclays. Debt comprises a £70m eight-year term loan B at 250bp over Libor, a £70m nine-year term loan C at 300bp, a £15m seven-year revolver at 225bp, a £40m seven-year capex facility and a £30m 9-1/2 year second-lien tranche at 550bp. Banks will earn 85bp for £20m and 65bp for £12.5m. Total net debt to Ebitda is 5.5x, while senior net debt to Ebitda is 4.5x.