The Carlyle Group has launched syndication of the £272m facilities funds backing its buyout of De la Rue‘s Cash Systems unit. Bookrunners are Calyon, Lloyds TSB, Societe Generale and GE. The deal includes £207m of senior debt and £65m of mezzanine. A bank meeting will be held on July 8.
Debt is split into a £62m seven-year term loan A paying 275bp, a £62m eight-year term loan B paying 350bp, and a £62m nine-year term loan C paying 400bp. It also includes a £26m seven-year RCF paying 275bp and a £60m 10-year mezzanine tranche paying 10%, split between 4.5% cash and 5.5% PIK. Leverage through senior debt is 3.4x and 4.5x through total leverage.
The Cash Systems business provides cash handling technology, including teller and desk-top systems and dispensing machines.
Bookrunners Barclays and HSBC are understood to have closed the general syndication of debt backing KKR‘s buyout of Northgate Information Solutions. The deal struggled initially because of loose documentation and is understood to have closed with the leads long of the deal.
Sole bookrunner RBS has closed syndication of debt backing German nursing homes operator Casa Reha by HgCapital. Debt is split between a €30m seven-year term loan A paying 225bp, an eight-year term €45m loan B paying 300bp, a nine-year term €45m loan C paying 350bp and €35m of mezzanine, which was preplaced.
Debt is 3.3x through senior and the deal comes with a 56% equity slug. Tickets of €20m pay a 110bp fee, with €15m paying a 95bp fee.
Bookrunners ING and RBS have now closed general syndication of facilities backing sponsor Warburg Pincus‘s tertiary buyout of Safety-Kleen Europe from JPMorgan Partners and CCMP Capital Advisors. The deal closed oversubscribed on both senior and mezzanine tranches. Senior debt sold mainly to banks, though institutional investors have committed to the deal.
Debt includes £530m of senior and £105m of mezzanine. Senior debt is made up of a £60m seven-year term loan A paying 275bp over Libor, an £85m eight-year term loan B paying 337.5bp, an £85m nine-year term loan C paying 387.5bp, and £20m of capex facilities and a £10m revolving credit facility, both seven-year and paying 275bp.
An additional £105m of 10-year mezzanine pays 975bp. Leverage is 4.4x through the senior debt and 6.5x in total.
BNP Paribas, ING and SG have launched syndication of a €425m debt package backing a secondary buyout of automotive parts maker Jost. Debt is made up of €75m in mezzanine with the balance of facilities as senior bank debt, split between €280m in drawn senior and €70m undrawn. Leverage is 3.5x through senior and 4.5x total. The deal is expected to launch before the summer. A bank meeting will be held on July 3.
Silverfleet Capital, formerly known as PPM Capital, is selling the German-based vehicle components manufacturer to sponsor Cinven, and says it is making a 47% return on its original investment.
When the then PPM Capital was still part of Prudential, it acquired Jost Group from private equity firm Alpha Group in June 2005 for €320m. Jost employs around 2,000 people and had turnover of €445m in 2007.