Financing in brief

• Meanwhile in the primary market Barclays and HSBC have launched general syndication of the senior debt backing KKR‘s buyout of Northgate Information Solutions. Goldman Sachs and Park Square underwrote a mezzanine tranche. Seven banks joined syndication in a senior phase targeted at relationship banks. Arrangers have now launched general syndication, with a bank meeting held yesterday. Senior debt is made up of £385m and €360m. Facilities comprise a £145m term loan A paying a margin of 275bp over Libor, a term loan B is split into £42.5m and €180m currency tranches both for eight years paying a 350bp margin, a term loan C is split between £42.5m and é180m of nine-year facilities paying 400bp. Undrawn facilities are made up of a £95m seven-year revolver paying 275bp and a £60m capex facility paying 275bp. Banks are invited to join on tickets of £25m paying a 140bp fee, and £15m paying 110bp. Leverage is 4.3x through senior and 5.9x in total.

• MLAs Bank of Ireland, Barclays, Merrill Lynch and RBS have closed syndication of the £222.5m debt backing the acquisition of IDH by Merrill Lynch Global Private Equity. Syndication of senior debt attracted 10 banks, in addition to the arranger group. Debt is split between a £5m seven-year revolver, a £55m seven-year acquisition facility, a £40m seven-year amortising term loan A, a £41.25m eight-year term loan B, a £41.25m nine-year term loan C and a £40m 10-year mezzanine tranche. Tickets of £20m paid 125bp, £15m paid 100bp and £10m paid 80bp. Pro forma leverage is 4.6x senior and 6x total, based on Ebitda of £26.7m for the past 12 months.

• Credit Mutuel-CIC as MLA and bookrunner has closed senior syndication of the €113.4m senior debt package supporting Orexad‘s acquisition of Anjac.BNP Paribas, Credit Agricole d’Ile France, Investkredit Bank, Natixis and Societe Generale all joined in the first phase. A general syndication will now follow. Orexad is the result of Investcorp‘s acquisition of OREFI in May 2006 and the industrial supplies arm of auto components supplier Autodistribution in January this year. The acquisition of Anjac is intended to consolidate Orexad’s leadership in the French industrial supplies market.

• Credit Mutuel-CIC as MLA has also completed syndication of the €79.2m senior debt facility supporting 21 Centrale Partners acquisition of Potel & Chabot. In syndication Banque Palatine, Banque Populaire, BNP Paribas, BRED, Cadif, Credit Cooperatif, Fortis and Monte Paschi Banque all joined. Potel & Chabot is France’s largest provider of high end catering services for the corporate and institutional market.