Target nation: Germany
Date announced: 07/09/06
Sponsor(s): Deutsche Beteiligungs, AXA Private Equity, PPM, Sued Private Equity
Mandated arranger(s): Dresdner Kleinwort
Financing: €150m
Dresdner Kleinwort has been mandated to arrange a €150m refinancing for Aksys, a German automotive supplier. The company is controlled by a group of private equity investors led by Deutsche Beteiligungs as well as AXA Private Equity, PPM and Sued Private Equity and the Faist family. The five-year loan is structured as a crossover facility.
Target nation: UK
Date announced: 08/09/06
Sponsor: Carlyle
Mandated arranger: Lehman Brothers
Financing: £430m
Mandated lead arranger Lehman Brothers has launched the £430m loan backing the recapitalisation of Firth Rixson, a UK manufacturer of metal components for use in the aerospace, power, automotive and engineering industries. The deal is split into a £30m seven year revolver paying 225bp over Libor, a £135m eight-year term loan B paying 250bp, a £135m nine-year term loan C paying 300bp, a £45m nine-and-a-half year second lien piece paying 475bp and a £85m ten-year mezzanine tranche at 9.5%. Leverage is 5.4x total net debt to EBITDA. The decision not to include an amortising A tranche indicates the deal will only be offered to institutions in syndication. GE Capital and Lloyds TSB have already joined the deal as subunderwriters. The deal sees sponsor Carlyle reduce its equity stake to 50% of share capital. Coinvestment partners, a vehicle owned and operated by Lehman Brothers, will take a 36% stake while the remainder is in the hands of the company management. Firth Rixon is headquartered in Sheffield, U.K and has operations in the USA, Hungary and China.
Target nation: Germany
Date announced: 12/09/06
Sponsor: Quadriga Capital
Mandated arranger: Dresdner Kleinwort
Financing: Unknown
Dresdner Kleinwort is mandated to arrange a recapitalisation of Jack Wolfskin, a German outdoor equipment manufacturer. The transaction will see the mezzanine from the 2005 buyout repaid and will also fund a dividend to the sponsors, which are led by Quadriga Capital but also include Barclays Private Equity. Quadriga bought out Jack Wolfskin in a secondary transaction from Bain.
Target nation: Germany
Date announced: 07/09/06
Sponsor: Cognetas
Mandated arranger: Dresdner Kleinwort
Financing: €181m
Cognetas, the former Electra Partners Europe, has mandated Dresdner Kleinwort to arrange a €181m recapitalisation of KSM Castings. The transaction will see Cognetas receive a dividend and will leave KSM Castings with a similar leverage to its 2005 buyout. That €155m transaction was backed by a €123m all senior debt package with a leverage ratio of 2.5x. Syndication of the new facility is expected by the end of September.
Target nation: UK
Date announced: 21/07/06
Sponsor: Bridgepoint
Mandated arranger(s): BNP Paribas, RBS
Financing: £288m
Pets at Home has closed its £288m refinancing through mandated lead arrangers BNP Paribas and RBS. The facility is oversubscribed and will allocate shortly. The refinancing followed a set of strong results from the UK pet shop chain and will see a £100m returned to shareholders in addition to the £70m that was returned in May 2005. Bridgepoint is the sponsor.
Target nation: Italy
Date announced: 28/06/06
Sponsor: Goldman Sachs Private €quity
Mandated arranger(s): Goldman Sachs, JPMorgan and Lehman Brothers
Financing: €450m
Prysmian (formerly Pirelli Cables) has wrapped up its €450m recapitalisation oversubscribed, through mandated lead arrangers Goldman Sachs, JPMorgan and Lehman Brothers. The deal takes out the company’s subordinated debt and pays a dividend to sponsor Goldman Sachs Private Equity. Some €360m has been added the B tranche and €90m to the C tranche. Originally, senior debt on the €1.83bn LBO loan comprised A €350m seven-year term loan A (split between a €150m amortising loan and a €200m bullet) at 150bp-225bp over Euribor, a €265m eight-year term loan B at 250bp, a €265m nine-year term loan C at 300bp, a €500m seven-year revolver at 200bp and a 4300m seven-year bonding facility at 150bp.The subordinated debt, which is being taken out, was a €150m nine-and-a-half year second secured facility at 700bp over Euribor. The original loan did well despite some pushback on account of its lower than usual pricing, especially on the A tranche.
Target nation: UK
Date announced: 17/07/06
Sponsor: Charterhouse
Mandated arranger(s): Bank of Scotland, Merrill Lynch and Mizuho Corporate Bank
Financing: £500m
Saga has received a 100% hit rate on its amendment and achieved an oversubscription on the £500m add-on to finance a dividend recap by sponsor Charterhouse. The deal was led by Bank of Scotland, Merrill Lynch and Mizuho Corporate Bank. The deal should allocate this coming Tuesday, 29 August. The additional debt is split evenly between the B and C tranches, taking each to £380m. The changes include a 25bp margin reduction on the A, B and C tranches. Although no fees are being paid for the new money, all lenders received 20bp consent fee for agreeing to the new debt terms and for approving the payment of a dividend to Charterhouse equal to 100% of the sponsor’s original equity stake. This equates to a significant portion of the capital structure as the original deal featured a 45% equity cushion. The add-on takes leverage to 7.1x, up from the 6.5x on the original £1.045bn deal. Post add-on, senior debt comprises a £260m seven-year amortising term loan A at 200bp over Libor, a £380m eight-year term loan B at 250bp, a £380m nine-year term loan C at 300bp, an £80m seven-year cash collateral facility at 225bp and a £120m seven-year revolver at 225bp. Subordinated debt comprises a £250m 10-year warranted mezzanine tranche with a cash interest margin of 4.5% and a non-cash margin of 4% and a £75m 10-year one-month junior PIK facility.
Target nation: UK
Date announced: 28/07/06
Sponsor: Lion Capital
Mandated arranger: JP Morgan
Financing: £617.6m
UK cereal maker Weetabix has completed its £617.6m recapitalisation, via mandated lead arranger JPMorgan. Lion Capital is the sponsor. The facility is heavily oversubscribed. The amendment takes out the previous 2005 deal’s mezzanine debt by adding £65.75m to the B tranche and £15.75m to the C tranche and add a £100m PIK loan to pay the sponsor a dividend. Senior debt on the previous facility was split between a £110m seven-year term loan A at 212.5bp over Libor, a £134.25m eight-year term loan B at 250bp, a £134.25m nine-year term loan C at 300bp and a £64.1m seven-year revolver at 300bp. Subordinated debt comprised a £80m nine-and-a-half year second lien tranche and a £95m 10-year mezzanine tranche. Pricing on theses tranches will be set through a bookbuilding process.
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