Target name:
Target nation: Austria
Date announced: 03/12/06
Deal type: LBO
Acquirer (s): Quadriga Capital
Total value: Undisclosed
Mandated arranger (s): Dresdner Kleinwort
Financing: €225m
Dresdner Kleinwort as mandated lead arranger is preparing to launch the €225m debt package supporting Quadriga Capital’s buyout of AHT, an Austrian refrigeration systems manufacturer. 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 €30m 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:
Target nation: Germany
Date announced: 19/02/07
Deal type: Secondary buyout
Acquirer (s): Eurazeo
Total value: €885m
Mandated arranger (s): Mizuho Corporate Bank and the Royal Bank of Canada
Financing: Unknown
Eurazeo is understood to have mandated Mizuho Corporate Bank and the Royal Bank of Canada to support its €885m buyout of APCOA from Investcorp. Investcorp acquired APCOA in 2004 with CIBC, Dresdner Kleinwort and Mizuho Corporate Bank supporting. Eurazeo plans to expand APCOA’s presence into new European countries. Peter Fischer, APCOA’s CEO, believes the company’s portfolio is well suited for selective bolt-on acquisitions. The deal is expected to close during the second quarter. APCOA has operations in 13 countries, primarily Germany, the UK and Scandinavia. The group manages more than 3,300 car parks providing some 725,000 car parking spaces, and employs 2,900 staff.
Target name:
Target nation: UK
Date announced:
Deal type: LBO
Acquirer (s): Canada Pension Plan Investment, Colonial First State Global Asset Management, Industry Funds Management and 3i
Total value: Undisclosed
Mandated arranger (s): Deutsche Bank
Financing: £873m
After closing with a significant oversubscription, pricing on Ospray’s consortium £873m loan has been flexed down by 25bp, through MLA Deutsche Bank. The loan supports the consortium’s acquisition of AWG, the owner of Anglian Water. Replies are requested by tonight and the loan will allocate this week. The loan is split between a £450m five-year term loan now paying 225bp down from 250bp over Libor, a £25m revolver and £398m cash funds. In syndication bank lenders were invited to join on tickets of £35m for 45bp, £20m for 37.5bp or £10m for 32.5bp. Both funds and banks were approached in what is structured as a leveraged infrastructure hybrid transaction. Ospray Acquisition is a consortium made up of the Canada Pension Plan Investment, Colonial First State Global Asset Management, Industry Funds Management and 3i.
Target name:
Target nation: Italy
Date announced: 12/12/06
Deal type: Tertiary
Acquirer (s): 3i
Total value: €315m
Mandated arranger (s): Dresdner Kleinwort , Mizuho Corporate Bank
Financing: €315m
Dresdner Kleinwort is out with the €315m debt package supporting 3i’s tertiary buyout of Azelis, a European chemical distribution group. Prior to launch, Mizuho Corporate Bank joined as an mandated lead arranger on the senior debt. 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. 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. Dresdner recapitalised the company in January last year through a E170m debt package.
Target name:
Target nation: Sweden
Date announced: 07/12/06
Deal type: Public-to-private
Acquirer (s): Apax Partners and Nordic Capital
Total value: €1.8bn
Mandated arranger (s): Bank of Scotland and Barclays
Financing: €1bn
The Skr9.845bn financing backing Apax Partners’ and Nordic Capital’s buyout of Swedish healthcare group Capio has launched, via bookrunners Bank of Scotland and Barclays. Debt comprises a SKr62m seven-year term loan A at 225bp over Libor, a SKr 2.65bn eight-year term loan B at 250bp, a SKr2.65bn nine-year term loan C at 300bp, a SKr1.2bn seven-year capex line at 250bp, a SKr400m seven-year revolver at 225bp, a SKr760m nine-and-a-half year second lien tranche at 500bp and a SKr1.5m 10-year mezzanine tranche paying 8.5%. Senior leverage is 4.8x net debt to EBITDA, 5.4x through the second lien and 6.6x total. Banks will earn 75bp for SKr275m and 65bp for SKr185m.
Target name:
Target nation: Germany
Date announced: 22/02/07
Deal type: LBO
Acquirer (s): EQT
Total value: €1.5bn
Mandated arranger (s): RBS and Unicredit
Financing: Unknown
RBS and Unicredit have been mandated to arrange the debt backing EQT’s €1.5bn secondary buyout of German retailer CBR. In 2005 Unicredit (then HVB) arranged a €300m add-on CBR’s then existing €690m facility, arranged by HVB and RBS. The move effectively recapitalises the business by allowing prepayment of the mezzanine debt, and allowing the sponsors to reap an early dividend.
Target name:
Target nation: Czech Republic
Date announced: 01/02/07
Deal type: LBO
Acquirer (s): Falcon
Total value: Undisclosed
Mandated arranger (s): Banca Intesa
Financing: €770m
Bookrunners ING and Unicredit plus mandated lead arranger Banca Intesa have completed the €770m debt package supporting the Falcon consortium’s acquisition of two telecom assets in the Czech Republic. The facility was split between a €625m senior loan, a Kc565m revolver and a €125m mezzanine loan. Syndication of what is the largest LBO in central Europe to date closed well oversubscribed, resulting in a downward flex on the margins on the five-year senior tranche and an increase to the seven-year mezzanine piece. Leverage ratios are 3x senior debt and 3.8x total debt with an equity contribution of 40%. Senior lead arrangers are Calyon, Citigroup, Erste Bank and RZB. Lead arrangers are KBC, Commerzbank, Dexia, GE and SGCIB with BAWAG, Fortis, HSH Nordbank and Investkredit joining as arrangers. The deal sees Lehman Brothers Private Equity, MID Europa Partners and Al Bateen Investment acquiring Radiokomunikace, a TV and radio broadcaster, and a 39.23% stake in T-Mobile Czech Republic from Bivideon.
Target name:
Target nation: Belgium
Date announced: 07/02/07
Deal type: LBO
Acquirer (s): Barclays Private Equity
Total value: Undisclosed
Mandated arranger (s): KBC
Financing: €249m
The €249m facility backing the Barclay’s buyout of engineering company Desmet Ballestra is oversubscribed ahead of close this week. RBS is the bookrunner and KBC is mandated lead arranger. The facility comprises a €42.5m A tranche paying 200bp over Euribor, a €52.5m B tranche paying 250bp, a €52.5m C tranche paying 287.5bp and a €28.5m acquisition finance tranche paying 212.5bp. In addition, there is an €18m second-lien tranche paying 525bp and there is a €35m mezzanine tranche.
Target name:
Target nation: Netherlands
Date announced: 23/12/06
Deal type: LBO
Acquirer (s): 3i
Total value: US$700m
Mandated arranger (s): Fortis Bank
Financing: US$680m
Pricing and structure on the US$680m financing backing 3i’s buyout of heavy transport shipping operator Dockwise has been flexed down after a heavy oversubscription, via bookrunners Lehman Brothers and Unicredit and mandated lead arranger Fortis Bank.
The US$135 mezzanine tranche has been removed with US$50m being added to the B tranche, US$50m to the C tranche and US$35m to the second lien tranche. Pricing on the B and C tranches has been cut 12.5bp, while 25bp has also been taken off the second lien debt’s margin. Post-flex, debt comprises a US$240m eight-year term loan B at 237.5bp over Libor, a US$240m nine-year term loan C at 287.5bp, a US$60m seven-year revolver at 225bp and a US$40m capex facility, which converts into a B and C tranche in equal measure upon drawing and is priced as such. Additionally there is a US$65m nine-and-a-half year second lien tranche at 450p over Libor. Prepayment penalties on the second lien have also been eased from 102/101/par to 101/par. 3i is using the deal’s heavy oversubscription and the company’s strong trading performance to pay itself a dividend, which will be funded through the addition of a US$65m PIK loan at 950bp. Dockwise operates a fleet of 15 semi-submersible vessels used in transportation of heavy vessels such as oil rigs. Offshore services company Heerema Group and Norwegian maritime group Wilh. Wilhelmsen are the vendors.
Target name:
Target nation: Germany
Date announced: 01/03/07
Deal type: LBO
Acquirer (s): Bridgepoint
Total value: Undisclosed
Mandated arranger (s): Unicredit
Financing: €75m
Unicredit has been mandated to arrange a €75m facility backing the buyout of Dragenopharm by sponsor Bridgepoint. The package is split into a €45m seven year term loan A, a €20m eight year term loan B and a €10m seven-year revolver. Net Leverage across the all senior transaction is below 4x 2006 EBITDA. Dragenopharm is a Germany based contract manufacturers of generic drugs.
Target name:
Target nation: UK
Date announced: 14/12/06
Deal type: LBO
Acquirer (s): Pamplona Capital
Total value: €225m
Mandated arranger (s): SG
Financing: €220.4m
There was reverse flexing of the €220.4m loan backing Pamplona Capital’s buyout of Endeka Ceramics (formerly the ceramics division of Johnson Matthey) but very little fallout. SG is bookrunner. The €52.4m seven-year term loan A was flexed down by 12.5bp, taking it to at 200bp over Euribor, while the a €52.4m eight-year term loan B was flexed down by 37.5bp, taking it to 225bp, and the €52.4m nine-year term loan C was also flexed down by 37.5bp, taking it to 275bp. The remaining tranches are a €25m seven-year revolver at 212.5bp and a €15m 10-year mezzanine tranche paying 4.75% cash and 4.75% PIK. Additionally, there is a €23.2m bridge-to-cash facility, which will not be syndicated. Senior net debt to EBITDA is 4.6x, while total net debt to EBITDA is 4.2x. Banks will earn 70bp for €25m and 55bp for €15m.
Target name:
Target nation: UK
Date announced:
Deal type: LBO
Acquirer (s): CapVest
Total value: 30/01/06
Mandated arranger (s): JPMorgan, Merrill Lynch, SG and UBS
Financing: £745m
FoodVest is in the market with a £745m LBO loan, via 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 done as 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:
Target nation: France
Date announced: 07/12/06
Deal type: Secondary
Acquirer (s): CVC
Total value: €1.35bn
Mandated arranger (s): Deutsche Bank and JPMorgan
Financing: €1.22bn
After a securing a substantial oversubscription in syndication, bookrunners Deutsche Bank and JPMorgan are out with a structural flex to the €1.22bn debt package supporting CVC’s secondary buyout of Fraikin, a French freight vehicle hire group. The flex results in a reduction of the €66.4m mezzanine tranche by half with an equivalent increase to the €270m term loan B. The six-year B loan was syndicated on a bookbuild basis and pricing has emerged at 250bp over Euribor. from price talk of between 225bp to 275bp. There is also a €50m revolver, which was syndicated to bank lenders with a 100bp fee. CVC had placed the mezzanine prior to launch of syndication. In addition to these longer term tranches the lion’s share of the debt is made up of a €900m borrowing base facility priced at 125bp over Euribor out-of-the-box. Here a €45m ticket was offered with a 50bp fee. This piece is a bridge to a securitisation and is expected to be taken out within a year. Structurally the transaction has a typical French LBO structure with the borrowing base held at the op-co level and the term, revolver and mezzanine at the hold-co.
Target name:
Target nation: Germany
Date announced: 23/11/06
Deal type: LBO
Acquirer (s): Advent and Carlyle
Total value: €1.2bn
Mandated arranger (s): Commerzbank
Financing: €960m
Bookrunners Dresdner KW and Mizuho Corporate Bank with mandated lead arranger Commerzbank are finalising the allocation of the €960m debt package supporting the buyout of HC Starck. The facility was well oversubscribed, which has resulted in a pricing and structural reverse flex. The new structure sees the mezzanine loan reduced by €50m and the second lien increased by the same amount. In addition the pricing on the senior B and C and junior second lien and mezzanine has been reduced. Senior debt is now split between a €50m seven-year term loan A paying 200bp over Euribor, a €250m eight-year term loan B paying 237.5bp down from 250bp, a €250m nine-year term loan C paying 250bp down from 300bp, a €150m seven-year revolver at 200bp drawn and a €60m seven-year capex facility at 200bp. Junior down is now split between a €125m nine-and-a-half-year second lien loan paying 400bp down from 475bp and a €125m 10-year mezzanine loan priced at 725bp down from 900bp. Leverage is 3.9x senior net debt to EBITDA and 5.4x total. Advent and Carlyle are buying HC Starck from Bayer for €1.2bn.
Target name:
Target nation: Sweden
Date announced: 26/10/06
Deal type: Secondary
Acquirer (s): Candover
Total value: €1bn
Mandated arranger (s): HSBC and Bank of Scotland
Financing: €934m
Mandated lead arrangers HSBC and Bank of Scotland are out with the €934m SKr equivalent debt package supporting Candover’s secondary buyout of Hilding Anders, a European mattress and bed manufacturer. Debt is split between a €545m eight-year B loan paying 250bp over Euribor, a €125m acquisition loan at 200bp and a €77m revolver. In addition there is a €87.5m second lien loan paying 425bp over Euribor and a €100m pre-placed mezzanine loan. There are no A or C tranches. In addition to a handful of joint lead arrangers invited to join on a SKr400m ticket, bank lenders are invited with takes of SKr300m for 75bp or SKr200m for 60bp. Leverage is set at 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:
Target nation: UK
Date announced: 05/02/07
Deal type: Secondary
Acquirer (s): Towerbook Capital Partners
Total value: £92.5m
Mandated arranger (s): UBS
Financing: £185m
Bookrunner UBS has closed £92.5m debt package supporting Towerbook Capital Partners’ buyout of Jimmy Choo, the luxury shoe maker. Given the size of the facility, syndication was limited and the facility has cleared the market with ease. Debt is split between a £12.5m seven-year term loan A paying 225bp over Libor, a £27.5m eight-year term loan B at 275bp, a £27.5m nine-year term loan C at 325bp and a £12.5m revolver at 225bp. In addition there is a pre-placed £12.5m second lien loan. Towerbrook Capital has paid Lion Capital US$364m for control of Jimmy Choo.
Target name:
Target nation: UK
Date announced: 01/03/07
Deal type: LBO
Acquirer (s): PAI Partners
Total value: €2.4bn
Mandated arranger (s): Bank of America Securities, Mizuho Corporate Bank and SG
Financing: €2.07bn
The debt backing PAI’s €2.38bn buyout of Lafarge’s Roofing division. The facility totals €2.07bn, including €1.96bn of senior debt. 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 a mandated lead arranger across the whole package. Mizuho Corporate Bank and SG are manda on the senior facilities. 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. The facility launched to sub-underwriters on Wednesday with a €70m ticket paying 110bp.
Target name:
Target nation: Belgium
Date announced: 20/12/06
Deal type: LBO
Acquirer (s): Alpha
Total value: €280m
Mandated arranger (s): Fortis Bank
Financing: €195m
The €195m loan backing the buyout of Metallum Holding has closed slightly oversubscribed. SG was bookrunner and Fortis Bank mandated lead arranger. Debt comprises a €55m six-year term loan A at 200bp over Euribor, a €45m seven-year term loan B at 250bp, a €25m seven-year revolver at 200bp, a €30m seven-year capex line at 225bp and a €40m eight-year mezzanine tranche paying 4.5% cash and 4.5% PIK. Leverage is extremely low at 1.4x total net debt to EBITDA and 0.9x senior net debt to EBITDA. Banks will earn 60bp for €15m and 50bp for €10m.
Target name:
Target nation: Sweden
Date announced: 26/01/07
Deal type: Public to private
Acquirer (s): Investor AB and Morgan Stanley Principal Investments
Total value: €2.85bn
Mandated arranger (s): HSBC, Morgan Stanley and SEB Merchant Bank
Financing: €2.2bn
HSBC, Morgan Stanley and SEB Merchant Bank have launched the €2.2bn debt package supporting the buyout of Molnycke Heathcare, a Swedish medical products company. The facility is split between a €300m seven-year term loan A paying 200bp over Libor, a €525m eight-year term loan B paying 250bp, a €525m nine-tear term loan C paying 300bp, a €100m seven-year revolver and a €150m acquisition line. In addition, there is a €200m second lien loan a €400m mezzanine loan. Leverage is 8.6x total net debt to EBITDA. The mezzanine loan has been preplaced, while large commitments prior to launch mean bank lenders will only be offered a strip of the A/B/C tranches. Given the levels of pre-commitments syndication is intended to be a targeted affair with bank lenders offered a €15m ticket for 50bp or €30m for 65bp. Fees are only paid for A tranche commitments. Investor AB and Morgan Stanley Principal Investments’ have acquired the group from Apax for €2.85bn. Apax acquired Molnlycke back in 2005 in a secondary buyout from Nordic Capital supported by a €1.2bn loan. The group completed a €127m B loan add-on last year with Barclays and Deutsche Bank as mandated lead arrangers.
Target name:
Target nation: UK
Date announced: 02/01/07
Deal type: LBO
Acquirer (s): Investcorp
Total value: €234m
Mandated arranger (s): RBS
Financing: €165m
RBS has been mandated to arrange the US$220m facility backing Investcorp’s US$311m secondary buyout of Moody International from Close Brothers Private Equity. The facility includes senior debt of US$205m, made up of a US$80m term loan B at 250bp over Libor and a US$65m term loan C at 285bp, a US$40m acquisition facility at 200bp and a US$11m revolver at 200bp. There is also a US$15m second lien tranche paying 450bp. Tickets of US$20m and US$35m pay fees of 45bp and 75bp respectively. UK based Moody International is provides inspection services and outsourced personnel to the oil and gas, mining and construction sectors.
Target name:
Target nation: France
Date announced: 30/11/06
Deal type: LBO
Acquirer (s): Gilde
Total value: €425m
Mandated arranger (s): ING and Unicredit
Financing: €388.5m
Mandated lead arrangers ING and Unicredit have closed the €388.5m debt supporting the Gilde-led buyout of Novasep, a life sciences group. The facility scored a heavy oversubscribed so the sponsor has requested a structural and pricing flex. The pricing flex sees pricing on the senior B and C tranches reduced by 12.5bp, the second lien margin reduced by 50bp and a cut of 100bp to the mezzanine loan. In addition a €10m slug of the mezzanine loan is to be flexed into the second lien tranche, which will not change in size as a €10m of that tranche is being flexed into the senior B and C. Following these changes the senior debt is split between a €16.5m unrefinanced tranche, a €111.75m B paying 237.5bp down from 250bp and a €111.75m C paying 287.5bp down from 300bp. Junior debt consists of a €35m second lien tranche paying 450bp down from 500bp and a €35m mezzanine loan paying 850bp split between 350bp cash and 500bp PIK. Post flex senior leverage is set at 4.5x rising to 5.8x to total debt. The equity contribution of €113.8m equates to 27% of the capital structure. Gilde teamed up with Banexi Capital Partenaires to acquire approximately 72% of Novasep from Rockwood. Novasep management will hold the remaining shares.
Target name:
Target nation: Germany
Date announced: 15/12/06
Deal type: LBO
Acquirer (s): Advent International
Total value: €480m
Mandated arranger (s): Commerzbank and UBS
Financing: Unknown
Commerzbank and UBS are preparing syndication of the debt supporting Advent International’s €480m buyout of Oxo Chemie, a German chemical products and derivatives, from Celanese. In November last year Advent partnered with Carlyle to buy HC Starck from business Bayer for €1.2bn. Advent also previously owned Materis, a French manufacturer of specialty chemicals for the construction sector, now owned by France’s Wendel Investissement.
Target name:
Target nation: Sweden
Date announced: 16/11/06
Deal type: Secondary
Acquirer (s): Cinven
Total value: €1.285bn
Mandated arranger (s): RBS, UBS and Unicredit
Financing: €995m
Bookrunners RBS, UBS and Unicredit (HVB) have again reverse flexed the €995m facility backing sponsor Cinven’s €1.285bn buyout of Phadia from PPM Capital and Triton. The second price flex sees the margin on the B reduced by 12.5bp to 212.5bp over Euribor, the margin on the C tranche down from 250bp to 2.375bp and the margin on the increased second lien down from 375bp to 350bp over Euribor. The facility is now comprised of a €96m term loan A, a €272m term loan B and a €272m term loan C along with a €30m revolver and a €135m second lien tranche (increased from €70m). The A €220m PIK loan, which replaced the deal’s €180m mezzanine tranche, was earlier decreased to €160m. The absence of mezzanine now means the second lien debt occupying that space in the capital structure pays 3.50% versus the 8% plus that mezzanine usually pays. The structure is 9.5x EBITDA in total, and 7.2x through the second lien. Sweden based Phadia is a popular credit. The business develops, manufactures and markets blood testing systems to support the clinical diagnosis and monitoring of allergy and autoimmune diseases. Year ends results are expected to reach €260m in revenues and EBITDA of €97.7m. Cinven bought the business in a secondary buyout from PPM Ventures and Triton Partners who themselves aquired the business from Pfizer.
Target name:
Target nation: France
Date announced: 26/10/06
Deal type: LBO
Acquirer (s): CDC Capital
Total value: Unknown
Mandated arranger (s): BNP Paribas
Financing: €610m
Bookrunner BNP Paribas has flexed down a €610m facility backing CDC Capital’s €800m bid for its 57.42% stake in French fast food chain Quick Restaurants. The deal has launched to a widened syndication of relationship banks after primary syndication which saw B& C and mezz tranches each flexed down by 25bp. Post flex, debt comprises a €90m term loan A paying 200bp over Euribor, a €145m term loan B paying 225bp, a €145m C loan paying 275bp, and €25m revolver paying 200bp, a €60m capex facility at 225bp, a €50m second lien paying 500bp and a €95m mezzanine piece at 8.75. Leverage is 4.6x at the senior level, 5.2x at the second lien and 6.4x total.
Target name:
Target nation: Netherlands
Date announced: 31/01/07
Deal type: LBO
Acquirer (s): ABN AMRO Capital and Allianz Capital Partners
Total value: €415m
Mandated arranger (s): BNP Paribas
Financing: €329m
Bookrunner BNP Paribas have won the mandate to arrange senior debt facilities of €253m and a €76m mezzanine loan to back the backing the buyout of Dutch publisher SDU. Sponsors ABN AMRO Capital and Allianz Capital Partners won the auction for the state-owned publisher having earlier negotiated the take-out of Wolter Kluwer’s minority stake in the business prior to the buyout. The sponsors now hold 50% each in the business. The transaction has a total value of €415m.
Target name:
Target nation: UK
Date announced: 15/12/06
Deal type: Secondary buyout
Acquirer (s): Blackstone
Total value: €406m
Mandated arranger (s): Barclays
Financing: €343m
Bookrunner Barclays is out with a downward flex and loan increase request on the £225m loan backing Blackstone’s secondary buyout of UK restaurant operator Tragus from LGV. The request is to allow the B tranche to be increased by £15m to allow for Tragus’ acquisition of Ma Potter, while the flex request is to cut 12.5bp on the B and C tranches respectively after the deal closed heavily oversubscribed. Post flex, the deal will comprise a £850m eight-year term loan B at 237.5bp over Libor, a £70m nine-year term loan C at 287.5bp, a £15m seven-year revolver at 225bp, a £40m seven-year capex facility and a £30m nine-and-a-half year second-lien tranche at 550bp. In syndication banks lenders were offered 85bp for £20m and 65bp for £12.5m. Total net debt to EBITDA is 5.5x, while senior net debt to EBITDA is 4.5x.
Target name:
Target nation: UK
Date announced: 19/03/07
Deal type: Secondary
Acquirer (s): Exponent Private Equity
Total value: Undisclosed
Mandated arranger (s): HSBC
Financing: Undisclosed
HSBC has been mandated to arrange the debt supporting the Exponent Private Equity’s buyout of V-Holding, the world largest marine services group. Close Brothers, an investor since 2003, has reinvested some of the proceeds from the sale of its 50% stake to keep a minority interest. Syndication of the all senior debt package will launch after the Easter break.
Target name:
Target nation: France
Date announced: 24/10/07
Deal type: LBO
Acquirer (s): Charterhouse
Total value: €3.46bn
Mandated arranger (s): Goldman Sachs
Financing: €3bn
Four banks have joined retailer Vivarte’s circa €3bn loan, via bookrunners RBS and Goldman Sachs. BNP Paribas, Calyon, Natixis and UBS have been brought in as joint lead arrangers ahead of launch. Debt comprises a €1.12bn term loan B priced at 225bp over Euribor and a €1.12bn term loan C at 275bp over Euribor. There is a second lien of €245m at 425bp over Euribor, and a mezzanine tranche of €245m at 825bp over Euribor. The loan backs Charterhouse’s buyout of Vivarte, which is a French clothing and shoes retailer.
Target name:
Target nation: Netherlands
Date announced: 18/12/06
Deal type: LBO
Acquirer (s): 3i
Total value: Undisclosed
Mandated arranger (s): Bank of Ireland
Financing: €199m
General syndication of VNU Media’s €199m loan has launched, via bookrunners BNP Paribas and SG. Bank of Ireland joined as mandated lead arranger ahead of launch. Debt comprises a €166.5m eight-year term loan B at 275bp over Euribor, a €10m seven-year revolver at 225bp and a €22.5m nine-year term loan C at 475bp over Euribor. VNU Media, which is a Dutch business-to-business publisher, was acquired by 3i in February 2007. As of December 2006, its EBITDA was €33m. The net senior leverage was around 4.8 times EBITDA and the net leverage around 5.5 times EBITDA.
Target name:
Target nation: Germany
Date announced: 29/01/07
Deal type: Secondary
Acquirer (s): Baird Capital Partners Europe
Total value: €156m
Mandated arranger (s): BNP Paribas
Financing: Unknown
BNP Paribas has been mandated as sole bookrunner and arranger on a facility backing the €156m secondary buyout of German manufacturer Zarges Tubesca. Mid-market private equity house Baird Capital Partners Europe has backed the MBO from AlpInvest. Zarges manufactures ladders and scaffolding systems used in industry. The company has operations in Germany and France.
Source: IFR Loans/EVCJ
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