Target nation: Spain
Sponsor: ProA Capital de Inversiones
Arrangers: BNP Paribas and others
Banks have been very tight-lipped on the size and structure for the LBO of white label, Spanish frozen foodmaker Palacios Alimentacion, though it is believed to be worth less than €100m. It is the first LBO in Spain this year. BNP Paribas, BBVA, BSCH, Caja Madrid, La Caixa and IKB are in on the deal.
Target nation: Ireland
Sponsor: Madison Dearborn
Arranger: Deutsche Bank
Lenders to Smurfit Kappa, the Irish packaging group, have passed the group’s request for amendments to its senior credit facility. In a statement, Smurfit Kappa said in excess of 98% had consented to its request, which will allow it to raise longer dated finance and refinance its bank debt, as well as giving it increased leverage and interest cover covenant headroom.
As well as the amendment, 75% of the group’s lenders to its revolver have agreed to extend their commitments by a further year. The €600m revolver was due to mature in December 2012 and has now been converted into two tranches totalling €525m, of which €152m still matures in 2012 and €373m matures in December 2013.
Target nation: UK
Sponsor: HSBC Private Equity
Arrangers: Clydesdale Bank and others
HSBC Private equity has acquired Viking Moorings, an oil and gas marine mooring systems group, from Inflexion Private Equity for an enterprise value of £170m. The buyout has been backed by a club facility provided by Clydesdale Bank, HSBC, Lloyds and RBS.
In a statement Inflexion said the exit was a return of 12x on its original investment.
Target nation: UK
Sponsor: Charterhouse Capital Partners
Arrangers: HSBC, Lloyds Banking and Nomura
The senior syndication of the £250m debt package backing Charterhouse’s buyout of Wood Mackenzie has closed oversubscribed. HSBC, Lloyds Banking and Nomura were leads with Ares Capital, Bank of Ireland and NIBC all joining as mandated lead arrangers in syndication. Mezzanine lenders are believed to include AXA, GSC and Sankaty.
The facility is split between £170m in senior drawn term loans, a £10m revolver and a £70m mezzanine tranche, with the term loans B and C paying a respective 475bp and 525bp over Libor.
The facility is the largest leveraged loan completed so far in Europe this year. Syndication was significantly aided by the presence of an existing lender group for Wood Mackenzie, which was offered higher pricing to roll into the new facility.