Ruhrgas Industries is out with a €405m B/C add on through MLAs CIBC, Deutsche Bank and RBS. Proceeds will take out the subordinated debt from last year’s €1.275bn LBO loan and pay sponsor CVC a dividend. The new facility is equity split between a B loan paying 250bp over Libor and a C loan paying 300bp. Lenders are offered a waiver fee of 12.5bp.Last year’s loan consisted of senior debt split between an €220m term loan A at 225bp over Euribor, an €222.5m term loan B at 275bp, an €222.5m term loan C at 325bp and an €120m revolver at 225bp. Junior debt was split between an €70m second lien piece paying 500bp over Libor and an €200m mezzanine loan priced at 4.5% cash and 5.25% PIK.
SG has won the mandate to arrange a €118m loan to support Axa Private Equity’s secondary buyout of French chemicals company Eliorkem from Little John & Co. The loan will be launched in early October. Rabobank has been mandated to arrange €138.5m loan backing the purchase of a controlling stake in Unlimited Sports Group by Dutch private equity Bencis Capital Partners. Syndication will be launched in October. USG includes Dutch sports retailers Aktiesport and Perry Sport. Aktiesport comprises 130 stores and Perry Sports 41 stores, mainly in the Netherlands. UK baby and household products company Mayborn’s £92.5m LBO loan has closed oversubscribed 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 were offered 80bp for £15m and 70bp for £12.5m.
Gartmore’s £310m loan has closed heavily oversubscribed through MLAs and bookrunners Goldman Sachs and HSBC. The syndicated portion of the loan consists entirely of a £300m seven-year B loan paying 250bp over Libor and split 60/40 between euros and dollars. In addition to the B loan there is an unsyndicated £10m revolver. Syndication was almost entirely targeted at institutional investors, with just a few bank buyers invited. Despite the large oversubscription, no plans have been made yet to flex the deal on account of the already tight pricing. The deal will allocate this week. The loan backs Hellmann & Friedman’s circa £500m buyout of the fund manager, which is being sold by US financial institution Nationwide.