LBO Syndications
Target name: AHT
Target nation: Austria
Date announced: 03/12/06
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €225m
Dresdner Kleinwort as mandated lead arranger has completed the €225m debt package supporting Quadriga Capital’s buyout of AHT, an Austrian refrigeration systems manufacturer. The facility is well oversubscribed and a flex is now being considered.
Senior debt is split between a €50m seven-year term loan A paying 225bp over Euribor, a €50m eight-year term loan B at 250bp, a €50m nine-year term loan C at 300bp and a E30m seven-year revolver at 225bp. In addition there is a €20m nine-and-a-half-year second lien loan paying 500bp over Euribor and a pre-placed €25m mezzanine loan. Leverage is set at 4.5x senior, 5.1x through the second lien and 5.9x total. Quadriga originally took AHT private in 2002, exiting the business in 2005 through a sale to Equita. The sponsor is now buying back the company.
Target name: Azelis
Target nation: Italy
Date announced: 12/12/06
Deal type: Tertiary
Acquirer (s):
Total value: €315m
Mandated arranger (s):
Financing: €315m
Dresdner Kleinwort has closed syndication of the €315m debt package supporting 3i’s tertiary buyout of Azelis, a European chemical distribution group. The facility is well oversubscribed and a flex is up for discussion. Senior debt is split between a €50m seven-year term loan A paying 200bp over Euribor, a €60m eight-year B at 250bp, a €60m nine-year C at 300bp, a €40m acquisition facility and a €20m revolver. In addition there is a €25m second lien loan paying 425bp and a €40m mezzanine loan. Prior to launch, Mizuho Corporate Bank joined as an mandated lead arranger on the senior debt. 3i acquired Azelis from Electra, which bought out the company from Permira back in 2003. Since its formation from a combination between Groupe Arnaud in France and Novorchem Distribuzione in Italy, the company has steadily expanded through acquisition.
Target name: Borsodchem
Target nation: Hungary
Date announced: 17/01/07
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €1.15bn
The €1.15bn financing backing Permira’s buyout of Hungarian chemicals company Borsodchem, arranged by UniCredit, Lehman Brothers and RBS has been allocated following a reverse flex. The structure comprised a €275m eight-year B tranche down 25bp to 250bp, a €275m nine-year C tranche down 25bp to 300bp, a €100m seven-year revolver at 225bp, a €300m capex facility at 250bp, and €200m of mezzanine. The mezzanine was reduced to 975bp over Euribor, with 450bp for cash and 525bp for PIK. Seven banks joined the senior phase of the deal late last year. They are BayernLB, Erste Bank, HBOS, KBC, Mizuho Corporate Bank, RZB and WestLB. Each committed to €125m sub-underwriting tickets, from which they were scaled back. Permira’s buyout has been approved by Hungary’s State Financial Supervisory and the EU Commission. Permira bid Ft3,000 a share for all of Borsodchem Nyrt in an offer valuing the company at Ft228.5bn (US$1.1bn). The purchase of Borsodchem is Permira’s first in Eastern Europe and it is hoping to benefit from growing demand for plastics in the region. Borsodchem specialises in vinyls and isocyanates.
Target name: Capio
Target nation: Sweden
Date announced: 07/12/06
Deal type: Public-to-private
Acquirer (s):
Total value: €1.8bn
Mandated arranger (s):
Financing: €1bn
The structure and pricing on the Skr9.845bn financing backing Apax Partners’ and Nordic Capital’s buyout of Swedish healthcare group Capio has been flexed down after a large oversubscription, via bookrunners Bank of Scotland and Barclays. The mezzanine tranche has been scrapped and this debt added to the B and C tranches, each increased from SKr2.65bn to SKr3.75bn, and to the second lien tranche, increased from SKr760m to SKr1.01bn. Pricing has been cut with 25bp being taken off the A, B, revolving and acquisition tranches, 62.5bp being taken off the C tranche and 100bp being taken off the second lien. Post flex, debt comprises a SKr625m seven-year term loan A at 200bp over Libor, a SKr3.75bn eight-year term loan B at 225bp, a SKr3.75bn nine-year term loan C at 237.5bp, a SKr1.2bn seven-year capex line at 200bp, a SKr400m seven-year revolver at 200bp, a SKr1.01bn nine-and-a-half year second lien tranche at 400bp. Banks will earn 75bp for SKr275m and 65bp for SKr185m.
Target name: Cofidim
Target nation: France
Date announced: 19/03/07
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €376m
Cofidim’s €376m facility has been mandated with BNP Paribas and Natixis as bookrunners. The deal backs the acquisition of 66% of Cofidim by CDC Capital Investissement. General syndication of the senior and second lien tranches is to launch at the end of April, or beginning of May. The purchase of Cofidim was underwritten by HSBC, Natixis and Intermediate Capital Group. Most of the mezzanine tranche will be retained by ICG, but a limited syndication of the remainder will also take place. CDC acquired Cofidim from
Target name: Consolis
Target nation: Belgium
Date announced: 11/12/06
Deal type: Secondary
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €845m
KBC has completed the €845m debt package supporting LBO France’s secondary buyout of Consolis, a Belgian pre-cast concrete group. Prior to launch Danske Bank, OKO Bank and SG joined as a joint lead arrangers with BNP Paribas, Danske Bank, OKO Bank, SG committing as lead arrangers. In syndication Bank of Ireland, BBVA, Erste Bank, HSH Nordbank, IKB Deutsche Industriebank, Landsbanki, Le Credit Lyonnais, Qatar National Bank and Rabobank joined as arrangers. Co-arrangers are Banque Espirito Santo et de la Venetie, Banque LB Lux, DZ Bank, HSBC, ING and Natixis. Senior debt is split between a €176.8m term loan A paying 200bp over Libor, a €209.1m eight-year term loan B at 237.5bp, a €209.1m nine-year term loan C at 287.5bp, a €100m seven-year revolver at 200bp and a €55m seven-year acquisition line at 200bp. In addition there is a €28.4m nine-and-a-half year second lien paying 462.5bp and a €66.6m 10-year mezzanine loan paying 400bp cash and 450bp PIK. The margins were subject to a downward flex post syndication. Banks were invited to join on €25m for 55bp or co-arrangers on €20m for 50bp. Initial leverage ratios are set at 4.8x to senior debt, 5x through the second lien and 5x total. LBO France is contributing €292m or 29.7% of the total capitalisation at closing. LBO France has bought Consolis from Industri Kapital.
Target name: FoodVest
Target nation: UK
Date announced:
Deal type: LBO
Acquirer (s):
Total value: 30/01/06
Mandated arranger (s):
Financing: £745m
FoodVest has wrapped up its £745m LBO loan oversubscribed, through bookrunners JPMorgan, Merrill Lynch, SG and UBS. CapVest is the sponsor and the vendor as the deal involves Capvest selling the company to management and to another of its funds, CapVest Equity Partners II. The facility is being completed by way of an amendment. Debt comprises a £75m seven-year term loan A at 200bp over Libor, a £200m eight-year term loan B at 237.5bp, a £156m nine-year term loan C at 287.5bp, a £60m seven-year revolver at 200bp, a £44m nine-year acquisition line at 287.5bp, a £100m nine-and-a-half year second lien tranche at 437.5bp and a £110m PIK loan. Leverage is 4.75x senior net debt to EBITDA, 5.75x through the second lien and 6.85x total. The amendment takes out old financing’s £113.5m mezzanine debt, repays some vendor notes and pays a dividend.
Target name: Hilding Anders
Target nation: Sweden
Date announced: 26/10/06
Deal type: Secondary
Acquirer (s):
Total value: €1bn
Mandated arranger (s):
Financing: €934m
Mandated lead arrangers HSBC and Bank of Scotland have completed the reverse flex to the €934m SKr-equivalent debt package supporting Candover’s secondary buyout of Hilding Anders, a European mattress and bed manufacturer. Bankers said the pricing reduction only had minimal effect to the well oversubscribed book and the loan will allocate next week. The flex sees a 25bp pricing drop to the B and second lien tranches. Following the change the debt is now split between a €545m eight-year B loan paying 225bp down from 250bp over Euribor, a €125m acquisition loan at 200bp, a €77m revolver, a €87.5m second lien loan paying 400bp down from 425bp and a €100m pre-placed mezzanine loan. There are no A or C tranches. A handful of joint lead arrangers were invited to join on a SKr400m ticket, while bank lenders were invited with takes of SKr300m for 75bp or SKr200m for 60bp. Leverage is 7.6x total debt. Candover has bought Hilding Anders from Investor, which acquired the firm back in 2003. The initial buyout was backed by a €386m loan arranged through CSFB and Citigroup, which was later recapitalised and amended in 2004.
Target name: IWKA
Target nation: Germany
Date announced: 27/03/07
Deal type: LBO
Acquirer (s):
Total value: €255m
Mandated arranger (s):
Financing: Unknown
Berlin based private equity group Odewald has mandated Dresdner Kleinwort to arrange the debt supporting its buyout of the packaging division of IWKA. IWKA’s packaging division comprises more than 20 companies in Europe, North and South America and Asia. It had sales of over €400m and more than 2,500 employees in 2006.
Target name: Joris Ide
Target nation: Belgium
Date announced: 26/12/06
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €225m
Bookrunner Fortis Bank is out with the €225m debt package supporting Ergon Captial’s buyout of Joris Ide Group. Prior to launch Rabobank joined as a mandated lead arranger. Lenders are now invited to join on €40m as joint lead arrangers or €20m as arrangers. Belgium headquartered Joris Ide Group is a manufacturer of steel roof and wall coverings.
Target name: Jupiter
Target nation: UK
Date announced: 20/03/07
Deal type: LBO
Acquirer (s):
Total value: €1bn
Mandated arranger (s): HSBC and RBS
Financing: Unknown
HSBC and RBS have been mandated to support management and TA Associates buyout of UK fund manager Jupiter from
Target name: Lafarge Roofing
Target nation: UK
Date announced: 01/03/07
Deal type: LBO
Acquirer (s):
Total value: €2.4bn
Mandated arranger (s):
Financing: €2.07bn
The debt backing PAI’s €2.38bn buyout of Lafarge’s Roofing division has closed heavily oversubscribed and a pricing and structural flex is now tipped. Bookrunners across the whole facility are BNP Paribas and JPMorgan, while Bank of America Securities is bookrunner on the second lien and PIK pieces and mandated lead arranger across the whole package. Mizuho Corporate Bank and SG are mandated lead arrangers on the senior facilities.
The facility totals €2.07bn, including €1.96bn of senior debt. Senior debt comprises a €200m seven-year term loan at 225bp and a €585m eight-year term loan B at 237.5bp, an €585m nine-year term loan C at 287.5bp, a €125m seven-year revolver paying 225bp over Euribor, a €175m seven-year capex facility at 225bp. In addition there is a €300m 9.5 year second lien piece at 450bp and a €100m 10-year PIK loan, which will be priced on a book building basis.
Target name: Laird
Target nation: UK
Date announced: 19/03/07
Deal type: Take private
Acquirer (s):
Total value: £242.5m
Mandated arranger (s): Bank of Scotland, HSBC and RBS
Financing: £120m
Lupus Capital, the investment vehicle run by former Tomkins CEO Greg Hutchings, has mandated Bank of Scotland, HSBC and RBS to arrange an up to £120m loan to support its acquisition of Laird’s security systems division. In addition to the loan, Lupus will fund the £242.5m reverse takeover through a £136m underwritten equity offering.
Target name: Matas
Target nation: Denmark
Date announced: 28/02/07
Deal type: LBO
Acquirer (s):
Total value: €680m
Mandated arranger (s):
Financing: €509m
Matas has mandated UniCredit and Nordea as bookrunners and HSH Nordbank as mandated lead arranger on its DKK3.8bn facility and initial syndication is to close soon.
The facility is split into a senior tranche of DKK3.35bn and a DKK450 million second lien. The senior debt comprises a DKK600m seven-year term A loan priced at 200bp over Euribor, a DKK875m eight-year bullet loan B, at 250bp over Euribor, a DKK875m nine-year bullet loan C at 300bp over Euribor, a DKK750m seven-year acquisition line at 262.5bp over Euriobor and a DKK250m seven-year revolver at 200bp over Euribor. The second lien has a tenor of nine-and-a-half-year and is priced at 550bp over Euribor. Matas is a Danish cosmetics and non-prescription drugs retailer with around 292 stores that was bought out by CVC in 2007. The facility represents leverage of around 6.4 times Ebitda.
Target name: Molnlycke Healthcare
Target nation: Sweden
Date announced: 26/01/07
Deal type: Public to private
Acquirer (s):
Total value: €2.85bn
Mandated arranger (s): HSBC, Morgan Stanley and
Financing: €2.2bn
The €1.21bn debt supporting
The flex saw a pricing reduction on the A,B and C senior tranches with an increase to the B and C tranches and a decrease to the mezzanine loan. The €1.03bn of senior debt is now split between a €310m seven-year term loan A at 175bp over Euribor down from 225bp, a €355m increased from €305m eight-year term loan B at 200bp down from 250bp, a €355m up from €305m nine-year term loan C at 225bp down from 300bp, and a €110m seven-year revolver. Subordinate debt is split between a €35m nine-and-a-half year second lien tranche at 450bp over Libor and an €80m decreased from €130m 10-year mezzanine tranche paying 5% cash and 5.5% PIK. Senior net debt to EBITDA is 4.8x, rising to 5x including the second lien piece and a 5.9x total net debt to EBITDA. Besides funding this buyout, proceeds also refinance the debt that backed Apax Partners’ buyouts of Regent and Medlock Medical. The three businesses will be combined to form Molnycke Healthcare, which will be a leader European provider of single use surgical and wound care solutions.
Target name: Moody International
Target nation: UK
Date announced: 02/01/07
Deal type: LBO
Acquirer (s):
Total value: €234m
Mandated arranger (s): RBS
Financing: €165m
Moody International’s US$220m facility has closed, via mandated lead arranger RBS. The facility underpins Investcorp’s US$311m secondary buyout of Moody International from
Target name: Norit
Target nation: Netherlands
Date announced: 17/04/07
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €400m
ING has been mandated to arrange the buyout of Norit, a Dutch water purification group. Doughty Hanson is buying the group from
Target name: Orangina
Target nation: France
Date announced: 02/02/06
Deal type: LBO
Acquirer (s):
Total value: €1.85bn
Mandated arranger (s):
Financing: €1.44bn
Orangina is out with a repricing of its E1.44bn leveraged loan of 2006, via bookrunners Citigroup and JPMorgan. The deal will see 25bp taken off the term loan A, the revolver and the restructuring facility, 12.5bp being taken off the B and C tranches and 50bp taken off the second lien tranche. After the repricing senior debt comprises a €245m seven-year term loan A at 200bp over Euribor, a €270m eight-year term loan B at 237.5bp, a €270m nine-year term loan C at 287.5bp, a €150m seven-year bridge to disposals at 225bp, a €30m seven-year restructuring facility at 200bp and a €75m seven-year revolver at 200bp. Subordinated debt is split between a €126m nine-and-a-half year second lien tranche at 475bp and a €279m mezzanine bridge loan.
Target name: Park Resorts
Target nation: UK
Date announced: 22/03/07
Deal type: Secondary buyout
Acquirer (s): GI Partners
Total value: £440m
Mandated arranger (s): Bank of Scotland
Financing: £328m
The £328m loan backing
Target name: Rodenstock
Target nation: Germany
Date announced: 22/12/06
Deal type: Secondary buyout
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s): RBS and SG
Financing: €370m
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.
Target name: Sasa Industrie
Target nation: France
Date announced: 05/01/07
Deal type: LBO
Acquirer (s):
Total value: Unknown
Mandated arranger (s):
Financing: €114m
Bookrunner CIC Credit Industriel et Commercial has completed the €114.056m senior debt package supporting Weinberg Capital Partners’ buyout of SASA Industrie. The facility was well supported with all invited banks committing. Ahead of launch Banque Palatine, LCL and SG joined as JLAs. Joining on E5m for 50bp are Banque Populaire du Nord, BNP Paribas, Credit Agricole Nord de France and Credit du Nord. Debt is split between a €28m amortising term loan A, a €12m eight-year term loan B, a €15.7m seven-year amortising additional credit, a €5.5m seven-year amortising refinancing facility, a €16.471m 10-month bridge and a €36.385m 10-month overdraft facility.
Target name: Viridian
Target nation: UK
Date announced: 10/12/06
Deal type: LBO
Acquirer (s):
Total value: £2.1bn
Mandated arranger (s): Barclays, Citigroup and HSBC
Financing: £1.9bn
Bookrunner Dresdner Kleinwort has closed general syndication of the £1.877bn loan package supporting Arcapita’s acquisition of Viridian. The facility has closed 100% and will allocate next week. General syndication came after a senior phase in which Barclays, Citigroup and HSBC joined as mandated lead arrangers and underwriters and RBC Capital Markets joined as a senior lead arranger. Debt is split between Bidco senior tranches with an investment-grade profile and a structurally subordinated Holdco junior tranche. The five-year senior tranches all pay 65bp over Libor and are split a £927m acquisition term loan, a £250m capex term loan and a £200m revolver. In addition the £500m holdco junior six-year tranche pays 375bp over Libor. Arcapita closed the acquisition closed by scheme of arrangement in December 2005. The offer represented a 36.8% premium to Viridian’s closing price over the past six months prior to the offer and implied an enterprise Value/Ebitda multiple of 11.9x.
Target name: Uster Technologies
Target nation: Switzerland
Date announced: 29/12/06
Deal type: Secondary buyout
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €157m
Mandated lead arranger and bookrunner IKB Deutsche Industriebank has closed the SFr256.6m debt package backing the secondary buyout of Switzerland based Uster Technologies, the global market leader of measuring and testing systems for the textile industry. The facility was well oversubscribed and as a result the pricing on the senior B and C tranches has been flexed down.
Senior debt is now split between a SFr82.6 m seven-year term loan A paying 200bp over Libor, a SFr72 m eight-year term loan B paying 237.5bp down from 250bp, a SFr52m nine-year term loan C paying 275bp down from 300bp, a SFr15 m seven-year revolver at 200bp and a and a SFr10 m seven-year acquisition facility at 200bp. In addition there is a SFr25m 10-year mezzanine tranche is paying 4.5 % cash and 4.5 % PIK. Prior to launch BNP Paribas and NIBC both joined as JLAs with the Bank of Ireland, Investkredit, NordLB, SEB and UBS all joining in general. Alpha Group agreed to buy the business from
Source: IFR Loans/EVCJ
Refinancings
Target name:
Target nation: UK
Date announced: 16/03/07
Sponsor (s):
Mandated arranger (s): Barclays
Financing: £1.85bn
The Automobile Association’s (AA) has completed the recapitalisation and repricing of its £1.85bn leveraged financing, via mandated lead arranger Barclays. The deal turns the financing into an all-senior deal with the mezzanine and second lien debt being taken out and the amount added to the B loan. Additionally, pricing on the A and B tranches has been cut 25bp, while pricing on the C loan has been lowered by 50bp. Lenders are offered a 15bp waiver fee. Debt now comprise a £347m seven-year term loan A at 200bp, a £915m eight-year term loan B at 225bp and a £392m nine-year term loan C at 250bp, a £105m six-year receivables line at 225bp, a £100m six-year revolver at 225bp and a £150m seven-year acquisition line at 225bp. Previously, senior debt comprised a £373m six-year term loan A at 225bp over Libor, a £400m seven-year term loan B at 250bp, a £395m eight-year term loan C at 300bp, a £100m six-year revolver (including a £50m acquisition line) at 225bp and a £105m six-year receivables line at 225bp. The subordinated debt, which this new deal removes, comprised a £130m eight-and-a-half-year second lien tranche at 500bp, a £126m nine-year warranted mezzanine tranche paying 4.5% cash and 5% PIK and an £89m nine-year junior mezzanine tranche.
Target name:
Target nation: Spain
Date announced: 12/04/07
Sponsor (s):
Mandated arranger (s): ING, JPMorgan, RBS and SG
Financing: €1.385bn
Spanish clothing retailer Cortefiel’s €1.385bn recapitalisation has launched, via bookrunners ING, JPMorgan, RBS and SG. Debt comprises a €75m seven-year term loan A at 175bp over Euribor, a €1.035bn eight-year term loan B at 225bp, a €200m seven-year revolver at 175bp and a €75m seven-year capex/acquisition line at 175bp. Leverage on the all-senior deal is 6x net debt to EBITDA. Joint lead arrangers will earn 55bp for €40m and lead managers 35bp for €20m. Proceeds recapitalise Cortefiel’s €1.43bn loan of 2005.
Target name:
Target nation: Germany
Date announced: 17/04/07
Sponsor (s): CVC
Mandated arranger (s): Deutsche Bank
Financing: Unknown
Elster, the company formerly known as Ruhrgas Industries, has completed by way of a waiver a repricing to its debt facilities. Deutsche Bank conducted the repricing. CVC bought out Elster in 2005 backed by €1.275bn debt packaged, which was increased by €405m last year through a €405m B/C add-on. This paid a sponsor dividend as well as taking out subordinated debt. The facilities are now split between an A and revolving loan both paying 175bp, a B at 225bp and a C at 250bp.
Target name:
Target nation: UK
Date announced: 05/04/07
Sponsor (s):
Mandated arranger (s): Deutsche Bank and
Financing: £370m
UK frozen food retailer Iceland Foods is out with a £370m recapitalisation, through mandated lead arrangers Deutsche Bank and Landsbanki. Senior debt is split between a £110m seven-year term loan A paying 225bp over Libor, a £90m term loan B with price talk at 275bp, a £90m term loan C with price talk at 300bp and a £20m revolver. In addition there is a £190m mezzanine loan, which is being marketed in the 10.5%. The Baugur Group acquired Iceland Foods, then called The Big Food Group, in February 2005.
Target name:
Target nation: UK
Date announced: 20/04/07
Sponsor (s):
Mandated arranger (s): Deutsche Bank
Financing: £568m
Linpac is out with a £568m recapitalisation, through mandated lead arranger Deutsche Bank. As well as refinancing debt, the facility will pay a sponsor dividend to Montegue 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. UK-based packager Linpac was bought out back in 2003, in a transaction that was backed by £713m leveraged loan. This Deutsche Bank facility had to be re-cut and was eventually signed as a £508.1m loan.
Target name:
Target nation: Spain
Date announced: 07/04/05
Sponsor (s): CVC
Mandated arranger (s): ING and SG
Financing: €662m
Mandated lead arrangers ING and SG are out with the €662m debt package supporting the recapitalisation of Mivisa. CVC bought out the company in December 2004. The senior debt is split between a €500m eight-year term loan B paying 250bp over Euribor, a €70m seven-year revolver at 200bp and a €20m amortising capex at 200bp. In addition there is a €72m nine-and-a-half-year second lien. Mivisia is Europe’s third largest metal packaging manufacturer in the food industry.
Target name:
Target nation: Denmark
Date announced: 20/01/06
Sponsor (s):
Mandated arranger (s): Barclays,
Financing: €8.5bn
TDC has completed the repricing of the €8.5bn loan that backed an Apax Partners-led consortium’s €15bn buyout of the Danish telecommunications company last year. Barclays, Credit Suisse, Deutsche Bank, JPMorgan and RBS leading the repricing, which received minimal pushback. That original deal remains Europe’s largest LBO financing.
The re pricing request is extremely aggressive with the lenders ask to accept a 37.5bp reduction on the A tranche, a 50bp reduction on the B tranche and a 75bp reduction on the C tranche. After the repricing is approved, the senior debt will comprise a €2.1bn seven-year term loan A at 175bp over Euribor, a €2.85bn eight-year term loan B at 187.5bp and a €2.85bn nine-term C loan at 212.5bp. The €700m seven-year revolver remains at 225bp.
Target name:
Target nation: UK
Date announced: 01/02/04
Sponsor (s):
Mandated arranger (s): JP Morgan
Financing: £617.6m
UK cereal maker Weetabix is set to return with a recapitalisation of its £617.6m financing, which was also a recapitalisation, via mandated lead arranger JPMorgan. Lion Capital is the sponsor.
Target name:
Target nation: Germany
Date announced: 19/04/07
Sponsor (s):
Mandated arranger (s):
Financing: €495m
Dresdner Kleinwort has been mandated to arrange a €495m refinancing for PVC manufacturer Vinnolit, an Advent company. Leverage will remain below 3x. As well as refinancing proceeds will fund the conversion of two of the company’s electrolysis plants from mercury based technology to the environmentally friendly membrane technology. As well as being beneficial for the environment the energy savings will enhance Ebitda margins. The refinancing will not fund a dividend. Advent bought out Vinnolit in 2001 backed by a Dresdner arranged DM300m loan. Dresdner also arranged a €335m recap for Vinnolit in July 2005.
Target name:
Target nation: Spain
Date announced: 19/04/07
Sponsor (s): CVC
Mandated arranger (s): ING
Financing: €198m
ING is out with the €198m recapitalisation facility for Grupo Zena, a CVC company. The all-senior deal is split between a €76.5m seven-year term loan A, a €43.5m eight-year term loan B, a €10m two-year bridge term loan C, a €18m seven-year revolver and a €50m eight-year amortising capex. Opening leverage following the recapitalisation is set at 3.8x senior debt. CVC acquired Zena in March 2001. The company is the leading Spanish multibrand food chain with 328 outlets through brands such as Burger King, Pizza Hut and Kentucky Fried Chicken. In 2003 Zena boasted a turnover of €201m.
Source: IFR/EVCJ
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