Target nation: UK
Date announced: 08/02/08
Deal type: LBO
Acquirer: Montagu
Total value: £1.7bn
Mandated arrangers: Barclays and others
Financing: Unknown
Senior debt is split into a £180m seven-year amortising A tranche paying 275bp over Libor, a £270m eight-year B tranche paying 250bp, a £270m nine-year term loan C paying 400bp, a £90m seven-year RCF paying 275bp and a £50m seven-year capex facility paying 275bp. The £280m 10-year mezzanine tranche pays 425bp cash and 550bp PIK.
Banks are invited to join as a joint lead arraanger on a £40m ticket paying 150bp or an arranger for £20m paying 100bp. There is an institutional carve-out for funds on the B and C tranches.
Target nation: UK
Date announced: 17/04/08
Deal type: Public to private
Acquirer: Umbrellastream
Total value: £1.605bn
Arrangers: RBS and others
Financing: Unknown
The Expro deal sees
Rival interest from trade bidder
The Umbrellastream offer is backed by a mix of sponsors’ equity and debt provided by a consortium of RBS, Lloyds TSB, Royal Bank of Canada, HSBC Bank and DnB NOR Bank. As with comparable deals, in the event of a deal going through the market leads will look to anchor senior and especially mezzanine facilities with a core group ahead of a general syndication.
The deal will be
In fact, the mix of banks includes no US investment banks, a possibly telling reflection of their increased marginalisation from the European leveraged finance market, where club and club-style deals with banks prepared to take large holds are increasingly the norm. That said, earlier oil services deals for Abbot Group and CHC Helicopters both feature investment banks in leading positions, making it probably too early to identify a trend.
Expro had sales of £519m in 2007, with EBITDA of £115m. The business provides well flow management services and products, employs more than 4,000 staff and operates in over 50 countries.
Target nation: UK
Date announced: 12/02/08
Deal type: Secondary
Acquirer: Merrill Lynch
Total value: Undisclosed
Arrangers: BoI and others
Financing: Unknown
Mandated lead arrangers Bank of Ireland, Barclays, Merrill Lynch and RBS are understood to have closed syndication of the £222.5m debt backing the acquisition of
Target nation: France
Date announced: 18/04/08
Deal type: LBO
Acquirer: Industri Kapital
Total value: Unknown
Arranger: Credit Mutuel-CIC
Financing: €136.9m
The deal was funded in the first quarter of 2008 and is structured as a €23m seven-year term loan A, a €25.2m seven-year term loan A2, a €9m eight-year term loan B1, a €11.7m eight-year term loan B2, a €10m seven-year revolver, a €13m seven-year Capex line and a €45m seven-year borrowing base facility that will not be offered.
Syndication has now been launched. Prior to launch, BNP Paribas and CADIF both joined.
Industri Kapital bought-out IDEX Groupe in 2004. ISS Energie was previously held by ISS Global through ISS Holding France. The combined group will be an independent energy and environment services provider offering services such as the management of collective heating and cooling networks (public and private) as well as the technical maintenance of buildings and third-party management of utilities.
Target nation: UK
Date announced: 21/12/07
Deal type: LBO
Acquirer: KKR
Total value: £593m
Arrangers: Barclays, HSBC
Financing: Unknown
Barclays and HSBC have been mandated to arrange the senior debt backing
In the UK, the company works with four out of five local authorities and every police force. Its technology is used in the administration of more than £12bn of revenues and benefits and in electoral administration systems covering 18 million people.
Target nation: Germany
Date announced: 08/11/07
Deal type: LBO
Acquirer: TdF
Total value: €850m
Arrangers: BNP and others
Financing: €505m
Syndication of
The bulk of interest has come from banks, with around half a dozen funds also participating.
The small oversubscription will see some scalebacks, but mainly it allows the leads to bring down their final hold positions, which should aid the deal’s stability in any secondary trading.
Acquirer
Target nation: Sweden
Date announced: 13/11/07
Deal type: LBO
Acquirer: EQT
Total value: US$1.5bn
Arrangers: Nordea
Financing: Unknown
The underwriters replaced banks mandated in December 2007. The original offer in was mandated to Bank of Scotland, Dresdner Kleinwort, RBS and SEB, and was conditional on a 90% acceptance level that was not achieved. A revised offer with a lower acceptance threshold has now been accepted.
Target nation: UK
Date announced: 03/05/08
Deal type: MBO
Acquirer: Inflexion
Total value: Undisclosed
Arrangers: Barclays and others
Financing: Undisclosed
Mid market sponsors
Based in Newcastle upon Tyne, SMD employs 135 staff and is a manufacturer of remotely controlled subsea vehicles, used all over the world. These vehicles range from Work Class ROVs, the “workhorse” of the offshore oil and gas industry, to specialised subsea trenchers and mining machines.
Date announced: Germany
Deal type: 14/02/08
Acquirer: Paine
Total value: €500m
Arranger: JPMorgan
Financing: €415m
Bookrunner and co-ordinator JPMorgan, with bookrunners BNP Paribas, Commerzbank and UniCredit, are set to close syndication of the €415m debt backing
Facilities are split between €340m of senior debt, priced between 275bp and 375bp, and a further €75m of mezzanine debt.
Target nation: Finland
Date announced: 24/03/08
Deal type: LBO
Acquirer: Nordic Capital
Total value: €1.1bn
Arrangers: Nordea and others
Financing: Unknown
A takeover offer was announced on March 20; the offer acceptance period is expected to begin on April 2 and to end on April 28. Cidron, which already holds a 4.4% stake in the target, said the offer is subject to a 90% shareholder acceptance rate. The TietoEnator Corporation board said it is currently evaluating the offer.
Target nation: UK
Date announced: 05/03/08
Deal type: Secondary
Acquirer: Charterhouse
Total value: £514m
Arranger: RBS
Financing: Unknown
RBS has launched general syndication for senior debt backing
The debt includes £155m of senior facilities comprising an amortising seven-year term loan A paying 275bp over Libor; a £60m eight-year bullet term loan B paying 362.5bp; and a £60m nine-year bullet term loan C paying 387.5bp.
The facilities also include a £10m seven-year revolver paying 275bp and a £72m 10-year mezzanine facility, which was fully syndicated prior to the general syndication.
Pro forma leverage is 4.3x senior and 6.3x total. Equity represents about 57% of the total net capitalisation. In 2007, the company generated £124.8m in sales and £31.6m in Ebitda.
Tunstall is a leading provider of telecom care solutions, providing alarms for the elderly and disabled or vulnerable people.
Source: IFR Loans/EVCJ
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