Financing in brief

Lafarge Roofing is out with second reverse flex request on its oversubscribed €2.38bn LBO financing after almost no investors dropped out after the first flex request. Bookrunners across the whole facility are BNP Paribas and JPMorgan, while Bank of America Securities is bookrunner on the second-lien and PIK pieces and an MLA across the whole package. Mizuho Corporate Bank and SG are MLAs on the senior facilities. If the flex is approved the new facility will be made up of a €125m seven-year revolver at 200bp over Euribor, a €175m seven-year capex facility at 200bp, a €200m seven-year term loan A at 200bp, a €622.5m eight-year term loan B at 212.5bp over Euribor, a €622.5m nine-year term loan C with a 237.5bp margin and a €325m nine-and-a-half year second-lien, pricing of which will be determined.

Ineos is asking banks to consent to an amendment to allow it to issue new terms loans, consolidate its senior debt and reduce its financing costs on its €7.42bn LBO loan of last year. Barclays is bookrunner. Lenders are being asked to give the company the ability to raise an extra £300m in term loans to fund a note purchase. The amendment will also allow the cut pricing on its term loan A and revolver from 225bp over Libor to 175bp over Libor and cut the margins on both its euro and US-dollar-denominated B and C tranches from 225bp to 200bp if leverage falls below 3.5x net debt to Ebitda.

Kwik-Fit is in the market with a recapitalisation and repricing of the £672.5m loan that backed PAI’s buyout of Kwik-Fit in 2005. Barclays and Deutsche Bank are bookrunners. The deal involves the £140m term loan A and the £135m term loan C being folded into the existing £135m term loan B and new money being put into the B tranche and the second-lien tranche to fund the recapitalisation. Debt will comprise a £518m six-year term loan B at 237.5bp over Libor, a £11m eight-year second-lien tranche at 525bp, a £50m five-year revolver at 200bp and a £40m five-year revolver at 200bp. Lenders are offered a 20bp consent fee.

Eircom is in the market with a repricing of its €3.65bn loan, via MLAs Deutsche Bank and JPMorgan. Lenders are asked to accept a 12.5bp reduction in pricing on the A, B and C tranches, for which they are offered a 5bp consent fee. The changes mean the senior secured tranches are split between a €653m seven-year term loan A paying 175 over Euribor, a €1.25bn eight-year term loan B at 212.5bp over Libor, a €1.25bn nine-year term loan C at 212.5bp and a €150m revolver.

ING and SG have been mandated to arrange a €737.5m debt package supporting Bridgepoint‘s acquisition of Wolters Kluwer‘s Educational Publications Business (WKE) and subsidiaries. Syndication is expected to launch in mid-May. Facilities include €630m of senior debt, comprising a €430 term loan B and a €150m revolver, a €50m secon-lien facility and a €107.5m mezzanine facility.