Retail Network

The EURO350 million facility backing CVC Capital Partner’s buyout of Retail Network has launched to general syndication, via sole mandated lead arranger ABN AMRO Bank. This retail phase follows a successful sub-underwriting phase, during which Bank of Scotland, Fortis Bank, ING, NIB Capital, Rabobank and ICG joined the deal.

In general syndication, banks are invited in at three ticket levels. Senior lead managers will earn 90bp upfront for EURO20 million, while lead managers will receive 80bp upfront for EURO15 million and managers will get 70bp upfront for EURO10 million.

The facility comprises a EURO128 million seven-year amortising term loan A at 225bp over Euribor, a EURO58 million eight-year bullet term loan B at 275bp over Euribor, a EURO58 million nine-year bullet term loan C at 325bp over Euribor, a EURO9 million eight-year bullet term loan E at 275bp and a EURO85million seven-year working capital facility at 225bp over Euribor, with a 75bp commitment fee.