Target nation: Italy
Date announced: 15/12/06
Deal type: Tertiary buyout
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s): Dresdner Kleinwort, Mizuho Corporate Bank
Financing: €315m
Dresdner Kleinwort has been mandated to arrange the €315m debt package supporting 3i’s tertiary buyout of Azelis, a European chemical distribution group. Prior to launch, Mizuho Corporate Bank has joined as an mandated lead arranger for the senior debt.
3i has acquired Azelis from
Target name: Basler
Target nation: Germany
Date announced: 06/10/06
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €215m
Bookrunner Dresdner KW has allocated the €215m debt package baking Triton’s buyout of Basler, the Goldback headquartered women’s clothing label. The package was a success in syndication resulting in a downward flex of the A and revolver margins to 200bp from 225bp and a €5m increase in the second lien piece. Debt is now split between a €40m seven term loan paying 200bp over Libor, a €45m eight-year term loan B at 275bp, a €45m nine-year term loan C paying 325bp and a €40m working capital facility. Junior debt is split between a €20m nine-and-a-half year second lien piece and a €25m 10-year mezzanine loan. Leverage is 5.5x total net debt to EBITDA.
Target nation: Germany
Date announced: 20/11/06
Deal type: Seconday buyout
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: c. €100m
Mandated lead arranger DZ Bank has closed and funded a debt package supporting the secondary buyout of CABB, a German speciality chemical company. Debt is understood to be in the €100m plus region. A syndication is scheduled for February with Bank of Scotland already committing as a joint lead arranger. AXA Private Equity has acquired CABB from
Target nation: UK
Date announced: 13/12/06
Deal type: MBO
Acquirer (s):
Total value: €1.4bn
Mandated arranger (s): RBS
Financing: unknown
Target nation: Netherlands
Date announced: 23/12/06
Deal type: LBO
Acquirer (s): 3i
Total value: Unknown
Mandated arranger (s):
Financing: €580m
Lehman Brothers and HVB share the mandate to bookrun a circa US$750m loan in connection with 3i’s purchase of heavy transport shipping operator Dockwise. Fortis Bank is mandated lead arranger. The deal will comprise senior, second lien and mezzanine and is expected to come to market early in February. Dockwise operates a fleet of 15 semi-submersible vessels used in transportation of heavy vessels such as oil rigs. Offshore services company Heerema Group and Norwegian maritime group Wilh.
Target nation: UK
Date announced: 01/05/06
Deal type: Tertiary buyout
Acquirer (s):
Total value: €3.3bn
Mandated arranger (s):
Financing: €2.7bn
Pricing on the opco debt portion of the £1.815bn debt backing the tertiary buyout of General Healthcare Group has been flexed down after the deal closed more than two times oversubscribed, via bookrunner Barclays. Pricing on the B, C and capex tranches was cut 12.5bp. Post flex the opco debt comprises a £75m seven-year term loan A at 225bp over Libor, an £80m eight-year term loan B at 237.5bp, an £80m nine-year term loan C at 287.5bp, a £40m seven-year revolver at 225bp and a £40m seven-year capex line at 212.5bp. Some 60% of the B and C tranches have been carved out for funds. Leverage on the opco debt is about 2.7x. Banks are invited into this debt on £17.5m for 75bp and £12.5m for 65bp. Dresdner Kleinwort, Bank of Scotland and Mizuho Corporate Bank joined as sub-underwriters ahead of launch. The debt funds a consortium comprising South Africa’s Netcare and sponsors, Apax, London & Regional and Babcock Capital’s buyout of the company. Netcare is also put its UK operations into the company.
Target nation: France
Date announced: 19/10/06
Deal type: LBO
Acquirer (s):
Total value: €310m
Mandated arranger (s):
Financing: €280m
Bookrunner BNP Paribas has closed the €280m debt package backing AXA Private Equity’s secondary buyout of French floor-covering company Gerflor and flexed pricing on the B, C and mezzanine tranches down 25bp after an oversubscription. Natixis joined as MLA ahead of syndication. The deal comprises €215m of senior facilities, €20m of second lien and €45m of mezzanine. Post flex, the senior facility is made up of a €47m A tranche paying 200bp over Euribor, a €49m B tranche paying 225bp and a €49m C tranche paying 275bp, a €20m base facility paying 175bp, a €20m revolver paying 200bp and a €30m acquisition and capex facility paying 225bp. The €20m second lien pays 475bp. A single ticket of 7.5m was offered for a 45bp fee. Mezzanine from the original structure has been rolled over.
Target nation: Italy
Date announced: 10/11/2006
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €550m
Bookrunners Banca Intesa and Mediobanca have closed the €555m secured debt facilities financing Investitori Associati’s acquisition of Italian cruise and ferry operator Grandi Navi Veloci. Gruppo Capitalia and UniCredit joined as mandate lead arrangers ahead of syndication. Proceeds will refinance debt and be used for general corporate purposes as well as funding the acquisition. Fourteen banks, including the leads, joined. Nine banks participated in the second lien tranche. The €475m senior debt comprises a €200m seven-year term loan A at 175bp over Euribor, a €130m eight-year term loan B at 225bp, a €130m nine-year term loan C loan at 275bp and a €15m seven-year revolver at 175bp. The €80m nine-and-a-half-year second lien facility pays 450bp over Euribor. Arrangers joined on €40m, co-arrangers on €25m and banks were able to participate in the second lien facility for a €5m commitment. Grandi Navi Veloci had a total turnover of €243m in 2005.
Target nation: Paris
Date announced: 13/09/06
Deal type: LBO
Acquirer (s): AXA Private Equity
Total value: Undisclosed
Mandated arranger (s): Barclays and
Financing: €131m
Guaber Household’s €131m LBO loan has closed oversubscribed, via mandated lead arrangers Barclays and IKB. Banca Intesa joined as a joint lead arranger ahead of launch.
Senior debt comprises a €32m seven-year term loan A at 225bp over Euribor, a €21m eight-year term loan B at 275bp, a €21m nine-year term loan C at 325bp and a €15m seven-year revolver at 220bp. There is also a €32m 10-year mezzanine tranche.
Target nation: Germany
Date announced: 23/11/06
Deal type: LBO
Acquirer (s):
Total value: €1.2bn
Mandated arranger (s):
Financing: Unknown
Bookrunners Dresdner KW and Mizuho Corporate Bank and mandated lead arranger Commerzbank will launch the €960m debt supporting the buyout of H. Starck in the New Year. Advent and Carlyle are buying the group from
Target nation: UK
Date announced: 14/12/06
Deal type: LBO
Acquirer (s):
Total value: €226m
Mandated arranger (s):
Financing: €200m
SG has been mandated to arrange the €200m loan to back its buyout of the ceramics division of Johnson Mathey.
Target nation: Germany
Date announced: 28/12/06
Deal type: LBO
Acquirer (s):
Total value: €4bn
Mandated arranger (s): Barclays, Credit Suisse, Goldman Sachs, HVB, Lehman Brothers and Mizuho Corporate Bank
Financing: €3.3bn
The €3.3bn of debt backing the buyout of KION, the materials handling unit of German industrial gases giant
Target nation: UK
Date announced: 18/12/06
Deal type: Secondary buyout
Acquirer (s):
Total value: €315m
Mandated arranger (s): Barclays and
Financing: Undisclosed
Barclays and Bank of Scotland have been mandated to arrange the debt backing Cognetas (formerly Electra Partners Europe) buyout of feminine hygiene products maker Lilets. The Duke-Street backed
Target nation: UK
Date announced: 15/12/06
Deal type: LBO
Acquirer (s): Advent International
Total value: Undisclosed
Mandated arranger (s): Commerzbank and
Financing: €500m
Commerzbank and UBS have bagged the mandate to bookrun the circa €500m debt package backing Advent International’s buyout of the Oxo Group, the German chemical products and derivatives business of US chemicals group
Target nation: France
Date announced: 26/07/06
Deal type: LBO
Acquirer (s): KKR and
Total value: Unknown
Mandated arranger (s):
Financing: €3.6bn
Mandated lead arrangers on PagesJaune’s €3.6bn debt package have cause for confidence after more than 200 investors attended the bank meetings in London and Paris. The deal is expected to blow out with commitments from institutions already fully covering the book. Bookrunners are Banc of America Securities, Calyon, Deutsche Bank, Goldman Sachs, JPMorgan and Lehman Brothers. Mizuho Corporate Bank is mandated lead arranger. Investors are invited to join as joint lead arrangers on €100m for 100bp, as lead arrangers on €75m for 87.5bp, as arrangers on €50m for 70pb or as managers on €30m paying 55bp. Senior debt is split between an €1.95bn seven-year opco term loan paying 185bp over Libor, a €400m seven-year opco revolver paying 185bp, a €200m eight-year holdco revolver at 225bp, a €333.817m holdco senior term loan B at 275bp and a €333.817m senior term loan C at 325bp. In addition there is a €165.53m holdco first loss tranche paying 500bp over Libor and a €524.174m 10-year mezzanine loan paying 4% cash and 4% PIK. The opco/holdco structure is common on French deals as French law limits on the amount of debt that can be carried at each level of the corporate structure. The cross-guarantees arising under the French framework make this arrangement less risky than under legal systems, such as England’s, where such guarantees are unusual, leading investors to prefer lending at the same level as the assets. KKR with Goldman Sachs have acquired a 54.8% stake in the French directories group, which has big operations in France and Spain, from
Target nation: UK
Date announced: 10/03/06
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s):
Financing: €680m
Bookrunner Deutsche Bank has closed the €680m debt package supporting BC Partners’ buyout of Regency Entertainment. The facility is understood to be substantially oversubscribed and will allocate over the next week or so. The deal is structured with a €480m senior tranche and a €200m mezzanine piece with lenders invited to join on tickets of €20m for 65bp or €10m for 55bp. Proceeds fund the public-to-private takeover of Greek casino operator Hyatt Regency Casinos.
Target nation: Spain
Date announced: 23/07/06
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s): ING and RBS
Financing: €726m
ING and RBS as mandated lead arrangers have closed the €726m debt backing Permira’s LBO of Telepizza, a Spanish home delivery and take-away fast food company. Following a positive response in syndication the leads have reduced the margins on the B, C, second lien and mezzanine tranches. Senior debt is now debt is split between a €60m seven-year term loan A at 212.5bp over Euribor, a €135m eight-year term loan B at 225bp down from 250bp, a €135m nine-year term loan C at 275bp down from 300bp, a €80m seven-year revolver at 175bp, a €25m seven-year capex at 212.5bp, a €46m two-year cash bridge at 50bp and a €45m two-year property bridge at 175bp. Junior debt is now split between a €65m nine-and-a-half-year second lien loan paying 450bp down from 500bp over Euribor, a €100m 10-year mezzanine loan paying 3.5% cash and 5.75% down from 6% PIK. The €35m PIK loan paying 12% is unchanged. In syndication lenders were invited to join on tickets of €45m earning 90bp, €25m for 70bp or €15m for 55bp. Leverage ratios start at 5.1x to senior debt and 7.5x total debt. Permira and the Ballve Family are buying Telepizza for €2.15 a-share of and between €21.97 and €22.18 per convertible bond, translating into a total consideration of approximately €572m. The total equity contribution is believed to be €235.4m.
Target nation: UK
Date announced: 17/10/06
Deal type: Acquisition
Acquirer (s):
Total value: €12bn
Mandated arranger (s): Barclays, Dresdner Kleinwort, HSBC and RBC
Financing: €6bn
The £4bn loan supporting Macquarie’s acquisition of Thames Water will not proceed to a general syndication after a successful senior left the package oversubscribed. Bookrunners are Barclays, Dresdner Kleinwort, HSBC and RBC. The sponsor is now reviewing allocations, which will be sent out next week. In all the book is 1.4 times covered suggesting trading in secondary should be brisk. The result is particularly impressive, as the first phase was initially envisaged to be highly targeted but soon gained momentum meaning syndication was wider than expected. In addition the result will silence the sometimes noisy critics who said the deal was struggling in syndication. In syndication banks were asked to sub-underwrite £250m will a £200m target blended hold. For this they earn a 7.5bp underwriting fee and 12.5bp upfront on the senior opco tranche, a 10bp underwriting fee and 15b upfront on the senior bidco debt, a 20bp underwriting fee and 35bp upfront on the senior holdo debt and a flat 75bp upfront on the junior debt. In all the deal is split into five components. The senior opco tranches comprise a £700m 18-month capex facility and a £200m 18-month working capital facility. Both tranches pay 40bp over Libor in the first year, rising to 45bp over Libor from the second year onwards. The senior bidco tranche is a £1.1bn 18-month term loan, which acts as a bridge to a whole business securitisation (WBS). Pricing on this tranche is 50bp over Libor in year one and 60bp over Libor thereafter. Senior holdco debt comprises a £625m five-year term loan and a £210m five-year capex line. The margin on these two tranches ratchets along a ratings grid ranges from a high of BBB- to a low of BB+. In years one to three pricing is 110bp-125bp over Libor, in year four it is 120bp-140bp over Libor and in year five it is 130bp-160bp over Libor. The junior holdco tranche is a £835m seven-year term loan paying 375bp over Libor in years one to three, 400bp over Libor in years four and five, and 500bp over Libor in years six and seven. Finally, there is £270m of debt earmarked for the unregulated elements of the business, split into term and revolving elements and with a three-year maturity.
TNT Logistics
Target nation: Netherlands
Date announced: 24/08/06
Deal type: LBO
Acquirer (s):
Total value: €1.5bn
Mandated arranger (s):
Financing: €805m
TNT Logistics has wrapped up its €805m credit facility via leads Credit Suisse, Bear Sterns, ABN AMRO and Goldman Sachs. The financing consists of a €150m six-year revolver, a €155m seven-year senior secured synthetic letter of credit facility and a €500m seven-year term loan. All three tranches pay 250bp over Libor and will include US dollar and Euro elements, although the exact split has not yet been determined. The revolver also includes a sterling element. Debt also included subordinated elements including a €430m eight year senior unsecured note and a €300m ten-year senior subordinated note, both of which sailed through their bond market debuts. Proceeds from the financing will fund Louis No.1’s €1.48bn asset and debt-free acquisition of the Netherlands-based logistics provider from current owner Apollo Management. Before the sale to Apollo, TNT was the logistics division of TNT Group.
Target nation: UK
Date announced: 15/12/06
Deal type: Secondary buyout
Acquirer (s):
Total value: €406m
Mandated arranger (s): Barclays
Financing: €343m
Barclays has been mandated to arrange the £225m loan backing Blackstone’s secondary buyout of UK restaurant operator Tragus from
Target nation: UK
Date announced: 25/10/06
Deal type: LBO
Acquirer (s): Blackstone and
Total value: €2.4bn
Mandated arranger (s): Barclays, Goldman Sachs and
Financing: €2.2bn
The £1.45bn loan backing Blackstone and PAI’s secondary buyout of United Biscuits has been subject to an aggressive reverse flex after raising a huge oversubscription, via bookrunners Barclays, Goldman Sachs and JPMorgan. All of the C tranche, £75m of the mezzanine debt and £15m of the second lien debt have been folded into the B tranche, which is now £965m. Additionally, pricing on the second lien tranche has been reduced from 450bp to 400bp and mezzanine pricing from 8% to 7.75%. Post-flex, senior debt comprises a £965m eight-year term loan B at 250bp over Libor, a £50m seven-year revolver at 212.5bp and a £100m seven-year capex line at 212.5bp. Additionally, there is a £160m nine-and-a-half year second lien tranche at 400bp over Libor and a £175m 10-year mezzanine tranche at 7.75%. Senior net debt to EBITDA is 4.5x, rising to 5.4x through the second lien debt and 6.7x through the total debt. Banks will earn 85bp upfront for £25m and 70bp upfront for £15m. The vendors are
Target nation: France
Date announced: 05/120/06
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s): Credit Mutuel -CIC
Financing: €60.8m
Bookrunner
Target name:
Target nation: Netherlands
Date announced: 18/12/06
Deal type: LBO
Acquirer (s):
Total value: Undisclosed
Mandated arranger (s): BNP Paribas and
Financing: €245m
BNP Paribas and SG have been mandated to arrange a €245m loan to back 3i’s buyout of the Dutch and UK operations of B2B publisher VNU Business Media. The deal, which will launch in February, will comprise senior and mezzanine elements. The acquisition is subject to regulatory approval and shareholder consultation.
Source: IFR Loans/EVCJ
Target nation: Spain
Date announced: 14/12/06
Sponsor (s): Permira
Mandated arranger (s):
Financing: €488m
Spanish retailer Dinosol’s (formerly Ahold Sepermercados) €488m recapitalisation has launched, via mandated lead arrangers Caja Madrid, Bank of Scotland and SG. Permira is the sponsor. Debt comprises a €50m seven-year term loan A at 200bp over Euribor, a €147.5m eight-year term loan B at 250bp, a €147.5m nine-year term loan C at 300bp, a €100m seven-year revolver at 200bp and a €25m seven-year capex line at 200bp. There is also an €18m nine-and-a-half year second lien tranche at 475bp. Total net debt to EBITDA is 4.8x, while senior net debt to EBITDA is 4.5x. Banks will earn 55bp for €40m and 40bp for €20m. The same trio arranged the borrower’s last recapitalisation, a €460m facility, in October last year.
Target nation: Spain
Date announced: 11/12/06
Sponsor (s):
Mandated arranger (s): Deutsche Bank
Financing: €405m
PET resin manufacturer La Seda de Barcelona has closed its €405m all senior corporate leverage loan, through mandated lead arranger and bookrunner Deutsche Bank. The facility was well oversubscribed and will allocate in around a week.
The facility is split between a €65m seven-year term loan paying 175bp over Libor, a €190m eight-year term loan B paying 250bp, a €50m seven-year revolver and a €100m capex tranche. With the B tranche entirely carved out for institutional buyers, bank lenders were invited to join on tickets of €15m for 60bp, €10m for 55bp or €5m for 50bp.
Target nation: Germany
Date announced: 14/03/06
Sponsor (s): AXA Private Equity
Mandated arranger (s): Deutsche Bank, Dresdner Kleinwort,
Financing: €576.69m
Pfleiderer has completed its €576.69m refinancing, through mandated lead arrangers Deutsche Bank, Dresdner Kleinwort, HVB and WestLB. The five-year facility pays 90bp over Euribor and is split between term loans of €142.7m and C$268.71 term loan and revolvers of €157.3m and €100m. Undrawn the revolver pay 35bp. Joining are ABN AMRO, Barclays, BayernLB, BNP Paribas, Commerzbank, HSBC, IKB, LBBW, RZB, RBS and WGZ. The facility follows a €775m senior secured loan that Pfleiderer signed earlier this year through the same mandated lead arranger group. That facility funded the acquisition of the Kunz Group and the refinancing of bilateral lines.
Source: IFR/EVCJ
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