Refinancings

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Anglian Water

Target nation: UK

Date announced: 05/11/07

Sponsor: Osprey Acquisitions

Mandated arranger: Deutsche Bank

Financing: £475m

Anglian Water has mandated RBS to arrange a £475m refinancing. Anglian Water Group was acquired by Osprey Acquisitions in 2006 with the backing of a five-year £873m loan, mandated to Deutsche Bank. The launch of the c. £750m Southern Water buyout loan, mandated to Dresdner Kleinwort, HSBC, JP Morgan, NAB and RBS is expected soon.

Antalis

Target nation: France

Date announced: 09/11/07

Sponsor: Sequina Capital

Mandated arrangers: Paribas, Credit Mutuel-CIC, HSBC France and Natixis

Financing: €650m

Antalis has completed its €650m term loan and revolver through mandated lead arrangers BNP Paribas, Credit Mutuel-CIC, HSBC France and Natixis. The five-year facility funds the acquisition of the MAP Merchant Group as well as refinancing and general corporate purposes. Of the leads Credit Mutuel-CIC provided €130m, HSBC France €110m with BNP Paribas and Natixis taking holds of €100m. In syndication ABN Amro, Fortis and Nordea joined as senior lead arrangers on €35m tickets, with Bank Austria joining as an arranger on a €25m take. Antalis is a subsidiary of Paris listed Sequina Capital and is Europe’s distributor of communications support materials.

A-Katsastus Group Oy

Target nation: Finland

Date announced: 20/11/08

Sponsor: Bridgepoint

Mandated arrangers: Nordea and SEB

Financing: €290m

Books have closed oversubscribed on a refinancing for A-Katsastus Group on behalf of European private equity firm Bridgepoint which acquired the company in January 2006. The facility is structured as a €75m term loan A; €75m term loan B; €75m term loan C and €10m revolving credit facility. In addition there is a €20m second lien tranche and a €35m mezzanine facility. Pricing and leverage levels are currently not being disclosed. Nordea and SEB were mandated to arrange the transaction. Nordea is acting as facility and security agent. Syndication has been targeted at existing lenders to the company (banks and funds) and this transaction replaces that signed in January 2006.