In brief financial markets

Leisure park operator Center Parcs’ £240m debt package backing Blackstone’s £205.4m buyout of the company is getting a good response from the market and should close oversubscribed this week, through MLA Barclays.

Senior debt comprises a £25m seven-year A loan at 225bp, a £57.5m eight-year B loan at 275bp, a £57.5m B loan at 325bp, a £25m seven-year revolving credit facility and a £35m capex facility both at 225bp. There is also a 9-1/2-year £40m second-lien piece at 5%.

There has been a 60% institutional investor carve-out on the B and C loans. Leverage on the senior is 3.5x net debt to Ebitda and total leverage is 4.5x net debt to Ebitda. Two tickets are on offer: £17.5m paying 75bp and £12.5m at 65bp.

  • Tommy Hilfiger has closed syndication of its €1.115bn loan backing its LBO by Apax Partners. Bookrunners are Credit Suisse and Citigroup, with Fortis Bank as MLA. The deal closed successfully on every tranche although the bank piece did struggle slightly in the beginning.

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 10-year mezzanine tranche paying 450bp cash and 550bp PIK.

Tickets of €50m for a fee of 90bp, €35m for 75bp and €20m for 60bp were offered.

  • Bakery products company Panrico’s €700m recapitalisation loan has been signed heavily oversubscribed, via MLAs Credit Suisse, Goldman Sachs and ING. Apax Partners is the sponsor.

The deal comprises €585m of new debt, while the €115m mezzanine from last year’s original deal has been rolled in.

Drawn senior debt includes a €60m amortising seven-year term loan A at 225bp over Euribor, a €215m eight-year term loan B at 250bp and a €215m nine-year term loan C at 300bp.

The structure also includes a €45m second-lien piece, for which terms have not yet been finalised. Leverage is around half a turn higher at 5.2x through the senior debt, 5.7x including the second lien, and 6.9x in total.

The deal is one of the quickest refinancings seen in the European market, which reflects the strong performance shown by Panrico.

  • The €127.2m debt backing Sagard’s buyout of Regie Linge Developpement (RLD) has closed, through bookrunner BNP Paribas and SG, which is MLA on the senior debt.

Senior debt totalling €104.2m comprises a €32.2m seven-year term loan A at 212.5bp, a €21m eight-year term loan B at 250bp, a €21m nine-year C loan at 300bp, a €10m seven-year revolver at 212.5bp and a €20.7m seven-year capex facility at 225bp.