Target nation: UK
Date announced: 22/06/07
Sponsor: Dubai International Capital
Mandated arrangers: Credit Suisse and RBS
Financing: £940m
The £940m debt package for
The B and C had been flexed down by 25bp each prior to the credit market turbulence, and second lien had seen its pricing reduced by 50bp. The senior debt is structured as follows: a £300m B tranche paying 250bp over Libor, a £300m C tranche at 275bp, a £75m revolver at 225bp and £85m acquisition line at 225bp. The £72.5m second lien loan pays 450bp and the £57.5m mezzanine piece pays 362.5bp on the cash piece and 437.5bp on the PIK piece. The £50m PIK loan is priced at 1050bp. Banks were invited on £40m for 105bp, £30m for 90bp fee and £20m for 80bp. The deal refinances existing debt as well as the add-on acquisition of FastenTech.
Target nation: UK
Date announced: 09/08/07
Sponsor: Inflexion Private Equity
Mandated arrangers: Lloyds TSB
Financing: £5m debt and working capital facility
Originally acquired through an MBO by Inflexion in December 2004, Ilchester Cheese has experienced a significant increase in number of staff and turnover. The refinancing is part of Inflexion’s commitment to increase value and maximise growth opportunities in its portfolio companies.
Since acquisition, Inflexion has increased capital expenditure in Ilchester by 70%; investing heavily in the company’s manufacturing capabilities, new product development resources and requisite expansion of its sales and marketing team. These developments have been reflected in the company’s growing revenues and expanding international scope.
The transaction was led by Iain Jamieson, Portfolio Director of Inflexion and Non-executive Director of Ilchester. Lloyds TSB provided the £5m debt and working capital facility for the refinancing. Inflexion was advised by SJ Berwin. Ilchester was advised by Burges Salmon and Grant Thornton, Bristol provided the financial due diligence.
Tognum
Target nation: Germany
Date announced: 27/08/07
Sponsor: EQT
Mandated arrangers: Commerzbank, Dresdner Kleinwort and Unicredit
Financing: €450m and US$260m
Target nation: Germany
Date announced: 29/06/07
Sponsor: WL Ross
Mandated arranger: UniCredit (HVB)
Financing: €640m
General syndication of the €640m in senior facilities for
Source: IFR loans/EVCJ