Financing in brief top news

Senior syndication of the €960m loan backing PAI Partners’ LBO of engineering group AMEC SPIE has wrapped up through co-ordinating bookrunner SG and bookrunner BNP Paribas. ABN AMRO, ING and Natexis Banques Populaires joined as JLAs. Debt is split between a €810m senior facility, a €50m second-lien tranche and €100m in mezzanine debt. General syndication will launch in September.

  • Refresco’s €430m recapitalisation has closed oversubscribed on the bank and fund tranches through bookrunners Kaupthing Bank and SG and MLA Fortis Bank. ING came on board as a joint lead arranger ahead of launch. The sponsor is 3i. All tranches have been flexed down by 12.5bp. Before the reverse flex, debt was split between a €60m seven-year term loan A at 212.5bp over Euribor, a €100m eight-year term loan B at 262.5bp, a €100m nine-year term loan C at 312.5bp, a €45m seven-year revolver at 212.5bp, a €10m seven-year capex line at 250bp, a €78m 10-year mezzanine tranche paying 4% cash, 5.5% PIK, and a €37m PIK loan. Leverage is 5.33x total net debt to Ebitda and 4.1x senior net debt to Ebitda. Arrangers will earn 65bp for €20m and co-arrangers 55bp for €15m.
  • CIC is mandated to arrange the senior debt backing Montagu Private Equity’s acquisition of a majority stake in Sebia International from Astorg. ICG will underwrite the Mezzanine debt. Montagu is acquiring a 50.1% stake in Sebia from Astorg, which will retain a 16% shareholding, while the management will hold a 20% sake. In addition, Intermediate Capital Group, which provided mezzanine and equity for the original buyout in 2001, will have a 13% shareholding.
  • Carlson Wagonlit has closed its €1.195bn LBO loan through MLAs JPMorgan, Lehman Brothers and Morgan Stanley. Debt comprises a €250m seven-year revolver at 225bp over Euribor, a €600m eight-year term loan B at 250bp over Euribor and a €345m mezzanine bridge. Lenders are invited to lend €50m for 80bp upfront. Senior net debt to Ebitda is 3.19x, while total net debt to Ebitda is 5x. Carlson Wagonlit is the world’s second-largest travel company. One Capital is the sponsor.
  • Norwegian business software firm Visma has closed syndication of the debt package backing its NKr4.3bn (€540m) buyout by Engel, HgCapital’s bid vehicle, through sole bookrunner Citigroup. The facility comprises a NKr420m A loan, a NKr630m B loan, a NKr630m C loan, a NKr650m revolving credit facility and a NKr500m acquisition facility, all at standard pricing and tenors. There is also a NKr700m ten-year mezzanine tranche paying 950bp, 4.75% cash and 4.75% PIK, which was flexed down from 10%. HgCapital trumped software provider Sage Group’s bid for Visma. Its previous technology investments include Iris Software and Addison Software and the company might consider bolting all three together.