The US$2.65bn of senior loans for Fresenius may be increased by up to US$500m. Bookrunners Deutsche Bank, Credit Suisse and JPMorgan expect the deal to price and allocate.
Final pricing on the deal is now expected this week. Sources away from the deal say pricing could come under pressure from investors spooked by the fall-off in the secondary pricing, suggesting an OID tipped for 99 may fall to 98.
The senior loan is structured as US$1bn of term loan A and a US$650m revolver, both paying 287.5bp over Libor, and US$1bn to US$1.5bn of term loan B paying 350bp, with a 3.35% floor.
BNP Paribas has been added as a bookrunner for the European element of the Fresenius high-yield bond issue, which will be smaller than the US$1.3bn originally expected and could now be US$800m.
Timing of the bond deal is flexible, given the bridge currently in place, and is unlikely to proceed until some stability returns to markets generally.
Bookrunners HSBC, Natixis, RBS and SG have collectively picked up the slack left in underwriting €900m of facilities backing the buyout of French engineering group Converteam by LBO France.
The remaining four underwriters have stepped up to make up for the absence of Lehman Brothers, which had been part of the group at the top of the deal before becoming insolvent. The transaction is set to close on September 30.
The deal is already in general syndication, though that process was delayed by confusion among investors about the future for the deal when Lehman became insolvent two weeks ago.
Debt is split between a €290m seven-year term loan A paying 275bp over Euribor, a €145m eight-year term loan B paying 325bp over, a €145m nine-year term loan C paying 375bp over, a €220m 10-year mezzanine tranche paying 600bp cash and 450bp PIK and a €100m seven-year revolver paying 275bp.
Tickets are for €20m paying 115bp and €30m paying 135bp. Converteam was previously owned by Barclays Private Equity, which retains a stake in the business.
Bookrunner Commerzbank has launched general syndication of the €205m acquisition facilities backing Capvis’s buyout of Bartec in a secondary deal from Allianz Capital Partners. A bank meeting will be held on Monday.
Banks are invited to join on tickets of €17.5m paying 130bp and €12.5m paying 110bp.
The deal includes a €45m seven-year term loan A paying 250bp over Euribor, a €46m eight-year term loan B priced at 325bp, a €46m nine-year term loan C priced at 375bp, a €20m seven-year revolving credit facility priced at 250bp, a €20m seven-year acquisition facility priced at 250bp and a €28m mezzanine facility.
An early bird senior phase has already been completed. The deal closed and funded on August 28.
Opening leverage on the deal is 3.96x senior and 4.79x total and the capital structure includes a 49.2% equity contribution, a bank meeting will take place at the end of September.
Germany based Bartec provides safety technology products and services to be used in hazardous atmospheres – including in the oil and gas, chemicals, pharmaceutical and mining industry. It generates sales of more than €200m with a workforce of more than 1,350.
Bookrunners and mandated lead arrangers Credit Mutuel-CIC and Natixis are closing the early bird syndication of the €300m facilities arranged for Labco SAS.
Four European banks are set to join the transaction in the early bird stage which will be followed by general syndication in coming weeks.
Facilities totalling €90m backing the buyout of Grupo MBA by Spanish sponsor N+1 have been launched to a limited retail syndication aimed at relationship banks. Bookrunners and mandated lead arrangers RBS and SG and mandated lead arranger Barclays have already been joined by joint lead arranger IKB Deutsche Industriebank. The debt is made up of a €40m seven-year amortising term loan A, a €40m eight-year term loan B bullet, a €5m acquisition/capex facility and a €5m revolver.
The total transaction leverage multiple stands at around 3.5x.
Grupo MBA is a an independent Spanish surgical orthopaedics distributor.