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• Bookrunners Calyon and GE Capital have launched syndication of a US$215m facility backing Bridgepoint‘s US$343m buyout of Global Design Technology (GTI), an aerospace component supplier from Stirling Square Capital Partners. Facilities are split between a US$80m eight-year term loan B paying 250bp over Libor, a US$80m term loan C paying 300bp, a US$10m revolver paying 217.5bp and a US$5m acquisition/capex facility paying 225bp. There is also a US$40m second-lien facility.
• Parkeon is in the market with a €206m package supporting the group’s Barclays Private Equity backed secondary buyout from Apax. BNP Paribas is arranger, AIB joined as MLA ahead of syndication. wo tickets of €15m and €7.5m are offered to investors. Facilities are split between a €47m seven-year A loan paying 200bp over Euribor, a €30m eight-year B loan paying 250bp, A €30m nine-year C loan paying 300bp, a €20m seven-year revolver paying 200bp, an €11m seven-year acquisition finance facility paying 200bp and a €20m second-lien facility paying 475bp. Additional €23m mezzanine and €25m junior mezzanine pieces have been pre-placed.
• The loan backing the secondary buyout of DYWIDAG-Systems International by CVC has been mandated to Barclays and BofA. CVC is reported to be paying more than €1bn for the German construction technology group, which was sold by Industri Capital.
• Bookrunners BNP Paribas and Natixis have allocated the €376m facility backing the buyout of Feu Vert by CVC after a reverse price and structural flex. The acquisition target is a French auto services business. The flex saw margins reduced across the acquisition finance, term loan B, term loan C and mezzanine tranches, as well as a reduction of the mezzanine tranche with B and C tranches increased.
• MLAs ABN AMRO and Citi group bowed to investor pressure last week and strengthened the covenant package of the €1.1bn loan package supporting the buyout of Maxeda. KKR, Permira and Cinven are sponsors. The arrangers have amended what was launched as a covenant-lite transaction to include a maintenance covenant. The all senior deal had received considerable investor pushback in light of the recent credit downturn in the US and resultant secondary volatility in Europe.