In brief

Commerzbank, BNP Paribas and RBS have launched general syndication of the €700m of debt backing EQT‘s secondary buyout of SAG, a German powerplant builder and operator. Banks are invited to join on tickets of €25m for a 90bp fee and €15m for a 75bp fee. Senior debt is split between a €50m term loan A paying 225bp over Euribor, a €97.5m term loan B paying 275bp, a €97.5m term loan C paying 325bp and a €325m revolving credit facility, which includes a circa €200m bond line paying 225bp, a €95m mezzanine loan pre-placed and underwritten by ICG. In addition, facilities include a €50m cash bridge. Leverage is 3.5x through the senior facilities and 5x in total. A bank meeting will be held on February 27.

• BNP Paribas and RBS are launching general syndication of the NKr3.71bn (€481m) debt package supporting Quadrangle and GS Capital‘s secondary buyout of Norwegian cable operator GET. A meeting will be held in London on February 28, aimed at bank investors only. Senior syndication was launched in December, aimed at existing investors and Nordic banks. Facilities are split between a NKr525m seven-year term loan A paying 250bp over Libor, a NKr1bn eight-year term loan B at 275bp split between NKr368m in krone and NKr631.25m in euro and a NKr1bn nine-year term loan C at 325bp split between NKr368m in krone and NKr631.25m in euro. In addition, there is a NKr300m capex facility paying 250bp and a NKr200m revolver at 250bp. Junior debt is split between a NKr685m euro-equivalent mezzanine loan paying 400bp cash and 500bp PIK. GET provides triple play cable services in Norway.In 2007, GET generated NKr1.11bn (€141.4m) in sales and NKr490.8m (€62.4m) in annualised Ebitda. Leverage is 5.1x through the senior facilities and 6.5x through the mezzanine.

• Joint MLAs and bookrunners Commerzbank and ING have launched syndication of the debt supporting the acquisition of Polish rail freight distributor CTL Logistics. The debt is split between Z515.5m (US$214m) in senior facilities and a €40m loan. Senior facilities consist of a Z183.5m seven-year A-loan paying 237.5bp over Libor, a Z183.5m eight-year bullet B loan at 300bp, a Z80m seven-year capex line at 237.5bp and a Z50m seven-year revolver paying 237.5bp. Net senior debt is 4.3x 2007 Ebitda and total leverage is 5.6x. An early bird investor phase for the mezzanine facility closed oversubscribed. A bank meeting was scheduled for February 21 in Warsaw.

• Danske Bank, DnB Nor and RBS have closed syndication of the SKr3bn (€320.7m) of debt backing Cinven‘s buyout of Coor Service Management from 3i. Both the senior and mezzanine tranches closed oversubscribed. Coor is a Nordic provider of facility management services. It employs some 3,700 people in Sweden, Denmark, Norway, Finland and Belgium. It was previously part of Skanska. In the 12 months to June 2007 it had revenues of €440m.

Apax Partners and the Guardian Media Group (GMG) will not merge newly acquired Emap with Apax-owned Incisive Media and its American Lawyer bolt-on until the debt market improves. In December Apax and GMG mandated HSBC, GE, Lloyds TSB and RBS to arrange a £850m debt facility to support the buyout of Emap. That debt will now be syndicated as a stand-alone financing, due to be launched at the end of March. A source close to the situation said: “The industrial logic to merge the businesses remains but the debt market is currently unable to support that move at levels attractive enough to justify refinancing existing facilities.” Earlier facilities backing the 2007 acquisitions of Incisive and American Lawyer will remain in place. In spring 2007 RBS arranged a £222.3m loan, syndicated ahead of the credit crunch. That debt is split between a £72.4m eight-year term loan B paying 237.5bp over Libor, a £72.4m nine-year term loan C paying 287.5bp, a £8.5m seven-year revolver paying 200bp, a £25m seven-year amortising acquisition facility paying 225bp and a £44m 10-year mezzanine line paying 862.5bp. RBS also underwrote debt backing Incisive’s subsequent US$630m buyout of US publisher American Lawyer. This has yet to be syndicated.

• UniCredit has launched syndication of the €184.5m senior debt package supporting Synergo, Banca Leonardo and IGI‘s buyout of Valvitalia. Syndication has been launched to a group of 10 to 12 relationship banks. Tickets of €25m and €15m are offered. Debt is split between a €50.5m seven-year amortising term loan A paying 225bp over Euribor, a €49.5m eight-year term loan B paying 275bp, a €49.5m nine-year term loan C paying 325bp and a €35m seven-year revolver paying 225bp. Valvitalia produces high-pressure valves and fittings, primarily for the oil and gas industries. The sponsors acquired a 45% stake in the company. The founder retained a 51% stake, with the remaining 4% held by management.

Merrill Lynch Global Private Equity (MLGPE) has mandated Bank of Ireland, Barclays, Merrill Lynch and RBS to arrange debt backing its acquisition of UK-based Integrated Dental Holdings (IDH), the UK’s largest chain of dental practices, in a deal worth between £250m and £300m, according to a source close to the situation. Debt will include senior and mezzanine facilities. The deal is MLGPE’s first sole buyout in Europe. The business is a secondary buyout from mid-market investor LGV Capital, which grew IDH with a buy and build strategy. IDH operates more than 200 practices with more than 1.5 million patients served by around 700 dentists.

3i has mandated GE (Global Coordinator), Calyon, Danske Bank, European Capital Financial Services and HSH Nordbank to underwrite debt backing the US$395m buyout of Active Pharmaceutical Ingredients (API), a Norway-based unit of Alpharma. Much of the debt will be held by the underwriters, with a soft syndication of the remaining facilities targeted at banks that backed unsuccessful bidders in the auction for the business, and are already comfortable with the credit. API is a developer and supplier of specialist active pharmaceutical ingredients. The unit has 700 employees and had US$138.7m in revenues in the first nine months of 2007. MLAs have launched general syndication of the €275m of debt backing CapVest’s buyout of Dutch coffee business Drie Mollen. Rabobank is MLA and bookrunner. Allied Irish Banks, Bank of Ireland and ING joined the transaction as MLAs ahead of syndication. Banks are offered a 95bp fee for a €25m ticket and an 85bp fee for a €20m ticket. The facility is split between a seven-year €60m term loan A paying 225bp, an eight-year €57.5m term loan B at 275bp, a nine-year €57.5m term loan C at 325bp, a seven-year €20m revolver with a margin of 225bp and a seven-year €30m capex facility also paying 225bp. A €50m mezzanine bullet tranche pays 450bp cash and 550bp PIK and was quickly placed with investors.