Financing in brief

Linpac is out with a £568m recapitalisation, through MLA Deutsche Bank. As well as refinancing debt, the facility will pay a sponsor dividend to Montague Private Equity. The all-senior facility is split between a £120m seven-year term loan A paying 212.5bp over Libor, a £204m eight-year term loan B paying 250bp, a £204m nine-year term loan C at 300bp and a £40m revolver at 212.5bp.

• Bookrunners have flexed both the structure and price on the oversubscribed €2.38bn facility backing PAI‘s buyout of Lafarge Roofing. The proposed changes would see a €100m PIK loan removed and €25m added to the second-lien, increasing that tranche to €325m, and €75m split equally between B&C tranches, increasing each of them to €622.5m. If the flex is approved the new facility will be made up of a €125m seven-year revolver at 200bp over Euribor, reduced from 225bp, a €175m seven-year capex facility at 200bp, reduced from 225bp, a €200m seven-year term loan A at 200bp, reduced from 225bp. The increased eight-year term loan B of €622.5m will pay 225bp, from 237.5bp, the €622.5m nine-year term loan C with a 250bp margin, reduced from 287.5bp and the €325m nine-and-a-half year second-lien paying a margin of 387.5bp, reduced from 450bp.

• The €370m loan backing Bridgepoint‘s secondary buyout of German spectacle manufacturer Rodenstock has launched, via bookrunners RBS and SG.Debt on the all-senior deal comprises a €150m eight-year term loan B at 237.5bp over Euribor, a €150m nine-year term loan C at 287.5bp, a €40m seven-year revolver at 200bp and a €30m seven-year capex/acquisition line at 200bp. Leverage is 4.65x. Lenders are invited on a single €20m ticket, paying 70bp upfront and responses are due on May 9.

Dresdner Kleinwort has been mandated to arrange a €495m refinancing for PVC manufacturer Vinnolit, an Advent company. The leverage will remain below 3x.As well as refinancing, the proceeds will fund the conversion of two of the company’s electrolysis plants from mercury-based technology to the environmentally friendly membrane technology. Apart from being beneficial for the environment, the energy savings will enhance Ebitda margins. The refinancing will not fund a dividend.

• Bookrunners Credit Suisse and RBS have gone out to existing investors with a £940m facility to refinance existing debt and finance the add-on acquisition of FastenTech. In 2006 sponsor Dubai International Capital‘s (DIC) signed a £491m facility backing its Doncaster buyout from Royal Bank of Scotland Equity Finance.The new facilities are made up of £300m each in B and C tranches paying 250bp and 300bp over Libor respectively. A £75m revolver and £85m acquisition facility paying 225bp, £72.5m in second-lien facilities paying 450bp, a £57.5m mezzanine piece paying 4% and a £50m PIK loan paying 5%. Banks are invited on £40m for 105bp, £30m for 90bp fee and £20m for 80bp. Doncaster is a UK based precision-engineering business.