Tommy Hilfiger is in the market with its €1.115bn loan backing its LBO by Apax Partners. Bookrunners are Credit Suisse and Citigroup with Fortis Bank as mandated lead arranger.
The loan is structured as a €190m seven-year term loan A at 225bp over Euribor, a €250m eight-year term loan B at 275bp, a €250m nine-year term loan C at 325bp, a €250m seven-year revolver at 225bp, a €75m seven-year restructuring facility at 225bp and a €100m ten-year mezzanine tranche paying 450bp cash and 550bp PIK.
Tickets offered are €50m for a fee of 90bp, €35m for 75bp and €20m for 60bp. The deal is aimed at both banks and funds.
The company, which has US and European operations, will end up in the hands of the company’s European management team.
- Molnycke is in the market with a €127m term loan B add-on to the facility it secured last October, via MLAs Barclays and Deutsche Bank. Proceeds will fund a dividend.
All terms are equivalent to the €1.21bn debt package supporting Apax Partners’ original buyout. No fee will be paid for the add-on, which is targeted at existing lenders. The additional debt takes leverage to just under 6.5x.
The original €1.21bn deal was split between a €310m seven-year term loan A at 225bp over Euribor and a €110m seven-year revolver at 225bp, €305m of term loan B paying 250bp, €305m term loan C at 300bp and a €180m 10-year mezzanine piece paying 9.5%.
Lenders were invited as co-arrangers on €35m for 90bp and senior lead managers €25m for 75bp.
- Italian glass company Seves has launched its €305m LBO loan to general syndication through mandated lead arrangers BNP Paribas, Banca Intesa and ING.
The transaction backs the buyout of Seves by private equity groups Ergon, Vestar and Athena.
The deal was launched quietly to senior syndication and four JLAs were brought in – Interbanca, MCC, Sanpaolo IMI and Fortis Bank.
Most of the deal has already been placed in the sub-underwriting phase, so the very limited general syndication has been launched to bring in relationship banks. One €10m ticket paying 30bp has been offered.
The €305m deal consists of senior and second lien. Leverage on the total deal is 5.3x total net debt to Ebitda and 4.8x for the senior debt.
Seves, which has its headquarters in Florence, is focused on the manufacture of medium power transmission and distribution systems and glass blocks for architectural and interior design applications.