Financing in brief

• ING is mandated to arrange a €915m debt package supporting LBO France‘s buyout of Tereal. The all senior package is set to launch in the second half of June with a starting leverage ratio of 6.2x. Debt is split between a €150m seven-year term loan paying 187.5bp over Libor, a €630m eight-year B loan at 225bp and undrawn facilities totalling €135m paying 187.5bp. LBO France bought out Tereal back in 2005 in a secondary transaction from Carlyle and Eurazeo. That €860m deal was backed by a €795m senior debt package also arranged by ING, which secured a good oversubscription in syndication.

• Bookrunners Barclays and Deutsche Bank have allocated Kwik-Fit‘s £619m repricing. The facility closed oversubscribed resulting in a flex to the B and second-lien tranche. The new deal saw the original £140m term loan A and the £135m term loan C 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. Following the flex the debt is split between a £518m six-year term loan B at 225bp over Libor, flexed down 12.5bp, a £11m eight-year second-lien tranche at 475bp, flexed down 50bp, a £50m five-year revolver at 200bp and a £40m five-year revolver at 200bp.

• CBR Holdings‘ €1.25bn loan, mandated to HVB and RBS, has launched. The loan is split between a €350m seven-year term loan A priced at 200bp, a €350m eight-year term loan B, at 250bp; a €350m nine-year term loan C at 287.5bp, a €150m nine-and-a-half year second-lien loan paying 550bp, and a €50m seven-year revolver at 200bp.Banks are invited in to join on €20m tickets earning 60bp or €30m for 70bp. There will be a seventy-percent carve out for funds. The debt backs EQT‘s €1.5bn secondary buyout of CBR, which is a German retailer, from Apax and Cinven. The loan has a starting senior leverage of 5.5x rising to 6.3x overall.

• Given oversubscription of nearly nine times on the fund piece of the €787m loan backing Candover‘s secondary buyout of Spanish leisure parks operator Parques Reunidos from Advent International, a pricing flex is under consideration. The bookrunners are ING and RBS. The package is made up of €662m senior secured facilities and a €125m second-lien facility.