Financing in brief

  • Greek mobile operator Tim Hellas has come to the market seeking consents from note holders for a one-time waiver of its change of control put. The consideration for each euro-denominated note will be €1 and for each US dollar-denominated note it will be US$1. Sponsors Apax and TPG are seeking the waiver to facilitate the sale of the business to Weather Investments, the owner of Italian telecom Wind and Egypt’s Orascom. Deutsche Bank is solicitation agent and the solicitation will expire on March 2. The consent is required from holders of the Hellas V senior secured FRN due 2012, the Hellas IIs euro/dollar subordinated FRN due 2015, the Hellas IIIs 8.50% senior notes due 2013 and Hellas Finance’s PIK senior FRN due 2015.
  • Eurazeo is understood to have mandated Mizuho Corporate Bank and Royal Bank of Canada to support its €885m buyout of APCOA from Investcorp. Investcorp acquired APCOA in 2004 with CIBC, Dresdner Kleinwort and Mizuho Corporate Bank supporting. Eurazeo plans to expand APCOA’s presence into new European countries. Peter Fischer, APCOA’s CEO, believes the company’s portfolio is well suited for selective bolt-on acquisitions. The deal is expected to close during the second quarter.
  • UPC is in the market with a repricing of debt at the UPC and Cablecom level, via MLA JPMorgan. The repricing will see UPC’s €795m seven-year J1 tranche and its €900m seven-year K1 tranche, both of which pay 225bp over Euribor, being replaced with a €1.695bn seven-year M1 tranche paying 200bp over Euribor.The Cablecom level debt that is being refinanced is the SFr618m three-year A tranche, the SFr352m three-year B tranche and €227m three-year B tranche, all of which pay 250bp over Libor/Euribor, the SFr618m four-year N1 tranche paying 225bp over Libor, the SFr352m seven-year N2 tranche paying 225bp over Libor and the €227m seven-year-year M2 tranche paying 200bp over Euribor. The SFr150m revolver has been cancelled.
  • Bookrunner Barclays is out with a downward flex and loan increase request on the £225m loan backing Blackstone‘s secondary buyout of UK restaurant operator Tragus from LGV. The request is to allow the B tranche to be increased by £15m to allow for Tragus’ acquisition of Ma Potter, while the flex request is to cut 12.5bp on the B and C tranches respectively after the deal closed heavily oversubscribed. Post flex, the deal will comprise a £850m eight-year term loan B at 237.5bp over Libor, a £70m nine-year term loan C at 287.5bp, a £15m seven-year revolver at 225bp, a £40m seven-year capex facility and a £30m nine-and-a-half year second-lien tranche at 550bp. In syndication banks lenders were offered 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.