Target nation: UK
Date announced: 25/04/07
Deal type: LBO
Acquirer:
Total value: £10.0bn
Arrangers: Deutsche Bank and others
Financing: £9.02bn
The initial sell-down of around £3bn of hung senior and second-lien
The bulk of debt sold is half of the original £5bn term loan B at 91% of face value. In addition, a substantial portion of the £1bn second-lien tranche was also sold, with observers suggesting GS Mezzanine Partners was the sole buyer at 85.
The minimum ticket for the senior piece is understood to have been around £50m and is likely to have been larger again for leveraged investors. The original £9.02bn package supported KKR and Stefano Pessina’s buyout of Alliance Boots.
The most active buyers of hung big ticket leveraged loans are credit opportunity funds set up by private equity firms such as Apollo, Blackstone and TPG as well as by hedge funds, specifically to target performing debt offered at deep discounts. The discount offered was certainly sufficient to secure commitments, overwhelmingly so when combined with the offer of substantial leverage.
Target nation: UK
Date announced: 08/02/08
Deal type: LBO
Acquirer:
Total value: £1.7bn
Arrangers: Barclays and others
Financing: £1.14bn
Senior debt is split between 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 revolver paying 275bp and a £50m seven-year capex facility paying 275bp. The £280m 10-year mezzanine tranche pays 425bp cash and 550bp PIK.
Banks were invited to join as a joint lead arranger 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: 22/02/08
Deal type: LBO
Acquirer:
Total value: C$3.7bn
Arrangers: BoI and others
Financing: US$600m
Twelve banks joined during a senior phase which ran from April to the end of May:
Debt facilities include: a US$300m term loan A paying 325bp, a US$275m term loan B paying 325bp and a US$275m term loan C paying 375bp. In addition, undrawn facilities comprise a US$150m revolver, a US$75m lease backstop facility (reduced from US$150m), a US$50m acquisition/capex facility and US$50m in letters of credit.
Banks are invited to join the general syndication on tickets of US$40m paying a 105bp fee and US$25m paying a 95bp fee. General syndication will focus mainly on banks, though some funds have also been invited.
Private equity sponsor First Reserve specialises in energy industry buy-outs, including the buy-out of oilfield services company Abbot Group, agreed in December.
Target nation: Germany
Date announced: 09/05/08
Deal type: LBO
Acquirer:
Total value: €133m
Arranger s: BoI and others
Financing: €95m
Bank of Ireland and
Senior facilities were made up of a €25m seven-year amortising term loan A paying 237.5bp over Euribor, a €20m eight-year bullet term loan B paying 287.5bp, a €20m nine-year bullet term loan C paying 337.5bp, a €10m seven-year revolver paying 237.5bp and a €20m seven-year capex facility paying 237.5bp. A mezzanine tranche was provided by European Capital.
Leverage based on 2007 EBITDA opened at 4.1x senior. DruckChemie provides inventory management and waste collection services to the graphic arts industry and produces specialist chemical print products.
Evonik
Target nation: Germany
Date announced: 03/06/08
Deal type: LBO
Acquirer: Carlyle
Total value: Undisclosed
Arranger: BoI and others
Financing: €1.25bn
The debt includes a €1.2bn five-year term loan and a €50m five-year revolver, both paying 450bp over Euribor. Underwriters intend to syndicate the debt that is structured at the acquisition vehicle level and accounts for about 50% of the €2.4bn purchase price,
The five-year tenor reflects the intention of both CVC and Evonik’s main shareholder – the state-backed
Target nation: UK
Date announced: 17/04/08
Deal type: Public to private
Acquirer:
Total value: £1.73bn
Arrangers: RBS and others
Financing: Unknown
RBS, Lloyds TSB,
Expro’s shareholders have already approved a scheme of arrangement by which Umbrellastream could take over the company. However, Expro’s board has not ruled out recommending a competing bid from US oil rival Halliburton, if it were to raise its 1525p per share proposed cash offer before June 20.
Target nation: Germany
Date announced: 07/04/08
Deal type: Secondary
Acquirer:
Total value: Undisclosed
Arranger: UniCredit
Financing: £205m
Bookrunner and mandated lead arranger UniCredit (HVB) has closed syndication of the €205m debt package backing IndustriKapital’s buyout of
Landesbank Rheinland-Pfalz (LRP) and HSH joined as joint lead arrangers ahead of syndication. The debt is split between a €175m senior loan and a €30m mezzanine piece.
Leverage is 3.1x through senior and 3.9x total debt. The bank meeting was held on May 15 in Furth im Wald, Germany. Germany-based Flabeg manufactures automotive mirror glass and mirrors for the renewable energy industry.
Target nation: France
Date announced: 08/03/08
Deal type: LBO
Acquirer:
Total value: Undisclosed
Arranger: Barclays
Financing: €128m
Bookrunner and mandated lead arranger Barclays have closed syndication of a €128m deal backing Alpha Associes’ buy-out of French fish processing business
Target nation: UK
Date announced: 15/12/07
Deal type: LBO
Acquirer: 3i
Total value: Unknown
Arrangers: Barclays and SG
Financing: £282m
Bookrunners and mandated lead arrangers Barclays and
Debt is split between £180m senior term loans, a £55m revolver and a £47m mezzanine tranche that was pre-placed. Banks were invited to join on tickets of £20m paying 125bp or £15m for 100bp. Proceeds fund the buyout and refinance debt. Inspicio is a UK-based testing and environmental services group.
Target nation: Netherlands
Date announced: 10/06/08
Deal type: Secondary buyout
Acquirer:
Total value: Undisclosed
Arrangers: BNP Paribas, ING and SG
Financing: €425m
When the then PPM Capital was still part of Prudential, it acquired Jost Group from private equity company Alpha Group in June 2005 for €320m. Jost employs around 2,000 people and had turnover of €445m in 2007.
Target nation: Norway
Date announced: 28/05/07
Deal type: Acquisition
Acquirer:
Total value: Unknown
Arranger: Barclays and others
Financing: €620m
Bookrunners Barclays and
Target nation: Greece
Date announced: 13/05/08
Deal type: LBO
Acquirer: The
Total value: €749m
Arrangers: Dresdner Kleinwort and others
Financing: Unknown
Carlyle Group has mandated Dresdner Kleinwort,
Target nation: UK
Date announced: 21/12/07
Deal type: LBO
Acquirer: KKR
Total value: Unknown
Arrangers: Barclays, HSBC
Financing: £668.41m
KKR has bowed to investor pressure and tightened loan documentation in its buyout of
Target nation: Germany
Date announced: 02/06/08
Deal type: LBO
Acquirer: Barclays and Taros
Total value: Undisclosed
Arranger: DZ and others
Financing: €265m
Bookrunners and mandated lead arrangers DZ Bank and UniCredit HVB have launched a joint lead arranger phase of syndication of the €265m credit facilities backing the secondary buy-out of
Leads described initiation of the senior phase as a quiet launch.
The total credit arrangement consists of senior and mezzanine facilities. Opening net leverage is 3.9x total debt.
Germany-based Novem manufactures interior trims for the automotive industry, with a market share of 46% in wood trims and 25% in metal trims. It reported sales of €287.2m for the financial year ending on March 31 2008.
Target nation: Russia
Date announced: 22/05/08
Deal type: LBO
Acquirer:
Total value: Undisclosed
Arranger: Unknown
Financing: See below
Lion Capital has taken a majority stake in Russian alcohol distributor
The deal follows Lion Capital’s buyout of soft drinks distributor Nidon Soki in a deal backed by Goldman Sachs as debt provider. Russian Alcohol employs some 3,500 people and has revenues of US$500m.
Target nation: UK
Date announced: 30/04/08
Deal type: Tertiary
Acquirer:
Total value: £565m
Arranger: RBS
Financing: £300m
RBS has launched general syndication of facilities backing sponsor Warburg Pincus’ tertiary buy-out of
Debt includes £530m of senior and £105m of mezzanine. Senior debt is made up of a £60m seven-year term loan A paying 275bp over Libor, an £85m eight-year term loan B paying 337.5bp, an £85m nine-year term loan C paying 387.5bp along with £20m of capex facilities and a £10m revolving credit facility both seven-year and paying 275bp. An additional £105m of 10-year mezzanine pays 975bp. Leverage is 4.4x through the senior debt and 6.5x in total.
Target nation: UK
Date announced: 05/03/08
Deal type: Secondary
Acquirer: Charterhouse
Total value: £514m
Arranger: RBS
Financing: £357m
Bookrunner RBS has closed syndication of the debt backing
The facilities also include a £10m seven-year revolver paying 275bp and a £72m 10-year mezzanine facility, which was fully syndicated before general syndication. Pro forma leverage is 4.3 senior and 6.3 total. Tunstall is a provider of telecoms care solutions, providing alarms for elderly, disabled and vulnerable people.
Target nation: Germany
Date announced: 14/03/08
Deal type: LBO
Acquirer:
Total value: Unknown
Arranger:
Financing: €90.5m
Mandated lead arranger and bookrunner Commerzbank has closed syndication of €90.5m of senior facilities backing the acquisition of
Syndication closed oversubscribed, with mainly bank commitments and one insurance fund investing.
The business was acquired in a secondary buy-out from Germany-based
Source: IFR Loans/EVCJ