Target nation: UK
Date announced: 07/12/07
Deal type: LBO
Acquirer: First Reserve
Total value: £906m
Arrangers: Goldman Sachs
Financing: US$2.16bn
Global coordinator and bookrunner
Facilities include US$1.55bn of senior tranches: made up of a US$200m amortizing seven year term loan A paying 275bp over libor, a US$500m eight year bullet term loan B paying 350bp, a US$500m nine year bullet term loan C paying 375bp and a US$100m seven year bullet funded synthetic letter of credit facility paying 275bp.
Unfunded tranches are a US$75m revolver a US$125m capex/acquisition facility and a US$50m revolving letter of credit facility, all priced at 275bp. The revolving letter of credit facility will not be syndicated.
The financing also includes a US$615m equivalent 10 year secured bridge loan facility, which sources away from the deal is priced as quasi mezzanine.
Proforma leverage is 3.73x through the senior and 5.65x total. The facility has an equity cushion of around 43% of the total pro-forma capitalization.
Bank lenders have been offered prorata tickets of US$40m for 100bps and US$25m for 85bps.
Abbot Group is a UK based oil field services company that owns and operates onshore and offshore drilling rigs and provides drilling services to third parties.
It operates in Europe, the Middle East, Russia, North and West Africa, and the Caspian Region. Sponsor First Reserve is the leading private equity firm specializing in the energy industry with over US$12.5bn under management.
Target nation: Norway
Date announced: 20/11/07
Deal type: Secondary
Acquirer: Consortium
Total value: €745m
Arrangers: BNP Paribas and RBS
Financing: €462m
Facilities are split between a NKr525m seven-year term loan A paying 250bp over Libor, a NKr1bn eight-year term loan B at 275bp split between NKr368m in Kroner and NKr631.25m in Euro, and a NKr1bn nine-year term loan C at 325bp split between NKr368m in Kroner and NKr631.25m in Euro.In addition there is a NKr300m capex facility paying 250bp, and a NKr200m revolver at 250bp.
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 have launched syndication of the £222.5m debt backing the acquisition of
Debt is split between a £5m seven-year revolver, a £55m seven-year acquisition facility, a £40m seven-year amortising term loan A, a £41.25m eight-year term loan B, a £41.25m nine-year term loan C and a £40m 10 year-mezzanine tranche. Tickets of £20m for 125bps, £15m for 100bps and £10m for 80bps. Pro forma leverage is 4.6x senior and 6x total, based on EBITDA of £26.7m for the last twelve month.
Target nation: UK
Date announced: 15/12/07
Deal type: LBO
Acquirer: 3i
Total value: Unknown
Arrangers: Barclays and SG
Financing: £282m
Barclays and SG have launched syndication of the £282m loan backing the buyout of
Target nation: UK
Date announced: 05/03/08
Deal type: Secondary
Acquirer: Charterhouse
Total value: £514m
Arranger: RBS
Financing: Unknown
RBS has been mandated as bookrunner backing
Tunstall is a UK based provider of telecare systems for the elderly and infirm, with products including care alarm systems for private homes and care homes, software for use by monitoring centres to respond to alarms raised and the outsourced management of call centres on behalf of local authorities and related support services.
Bridgepoint acquired the business in a £225m deal in June 2005 and is understood to have achieved a 2.5x money multiple from its investment.
Target nation: Germany
Date announced: 14/03/08
Deal type: Secondary
Acquirer: ILP Private Equity
Total value: Undisclosed
Arranger: Commerzbank
Financing: €90.5m
Mandated lead arranger and bookrunner Commerzbank has been mandated to lead the debt financing backing the acquisition of
The debt package consists of €90.5m of senior facilities. Syndication of the senior facilities is already underway, with a number of early commitments from banks and an insurance company.
The buyout transaction closed on the 7 March. Z&J manufactures mostly customized heavy duty valves and equipment for the petrochemical, iron & steel and glass industries.
Source: IFR Loans/EVCJ