Leveraged loans

AB InBev

Target nation: Belgium

Sponsor: CVC

Arrangers: HSBC, ING, JP Morgan and UniCredit

Although the bank group for the financing of the buyout of Anheuser-Busch InBev’s CEE assets by CVC is still not carved in stone, it is believed that HSBC, ING, JP Morgan and UniCredit lead with Erste, Fortis, Mediobanca and SG also among the total of 15 banks looking closely at the approximate €700m deal.

Potential lenders are, it is said, still trying to get fully comfortable with a complex, cross-jurisdictional transaction that demands investment in some states that might be considered to have relatively esoteric currencies.

Equally, AB InBev is reported to not yet have reached full agreement with CVC on the sale, which had been expected to raise more money for the seller.

It is not expected that there will be a mezzanine tranche – unless several members of the bank group fall away.

There is, however, the potential of a partial take-out through a high-yield bond, designed to reduce the pressure on what is still a limited loan capital market for leveraged deals. If the AB InBev transaction goes ahead, it would be one of the biggest leveraged loans in Europe this year.


Target nation: Austria

Sponsor: BC Partners

Arrangers: RZB, UniCredit and WestLB

The buyout of FutureLAB by BC Partners is being backed by €130m of debt provided by RZB, UniCredit and WestLB. This debt quantum is rumoured to represent about 30% of equity in what has been described as a “crossover” deal with elements of both a leveraged and an investment-grade financing.

Banks were loathe to disclose detailed pricing and structure, although they say amortisation and an A/B tranching are in place.

It is believed that those in the club are happy with their positions and not necessarily currently looking for other banks. FutureLAB analyses medical, veterinary and environmental samples.

Source: IFR