LBO France has mandated CIBC and ING to support its buyout out of Worldwide Flight Services from Vinic. Total debt is in the €200m region and includes senior, second-lien and mezzanine elements. The target is an airport services group that focuses on the cargo sector.
M+W Zander Holding has closed the €310m loan backing its Springwater Capital backed buyout through MLA LBBW. The facility is oversubscribed. Senior debt totals €280m and includes term loans of seven years paying 225bp over Libor, eight years at 275bp and nine years at 325bp. In addition there is a €150m seven-year revolving guarantee facility paying 155bp and a €15m seven-year revolver paying 225bp. There is a €30m mezzanine tranche, which was not syndicated.
In syndication senior lead arrangers were offered €20m tickets for 85bp and arrangers €10m for 75bp. Senior lead arrangers and arrangers committing €10m and €7.5m to the guarantee facility respectively will earn 65bp and 55bp.
Azzuri Communications is in the market with a £120m LBO facility through MLAs Bank of Scotland and Barclays. PPM is the sponsor. Debt is split between a £25m seven-year term loan A at 225bp over Libor, a £27.5m eight-year term loan B at 275bp, a £27.5m nine-year term loan C at 325bp, a £5m seven-year revolver at 225bp and a £25m seven-year acquisition line at 275bp. There is also a £10m 10-year mezzanine tranche paying 10%. Total net debt to Ebitda is 5.6, while senior net debt to Ebitda is 4.9. Banks will earn 75bp for £15m and 65bp for £10m.
UK baby and household products company Mayborn has launched its £92.5m LBO loan through MLA Barclays. 3i is the sponsor.
Debt comprises a £22.5m seven-year term loan A at 225bp over Libor, a £21.5m eight-year term loan B at 275bp, £21.5m nine-year term loan C at 325bp and a £10m seven-year revolver at 225bp. There is also a £17m 10-year mezzanine tranche. Banks are offered 80bp for £15m and 70bp for £12.5m.
Dresdner Kleinwort has been mandated to arrange a €150m refinancing for Aksys, a German automotive supplier. The company is controlled by a group of private equity investors led by Deutsche Beteiligungs as well as AXA Private Equity, PPM and Sued Private Equity and the Faist family. The five-year loan is structured as a crossover facility.