Biffa’s £1.14bn buyout debt package is in documentation and set to allocate after general syndication closed with oversubscriptions across all tranches. Bookrunners Barclays, Credit Suisse, HBOS, HSBC and RBS launched syndication of the £860m senior and £280m mezzanine loans backing Montagu and GIP‘s buyout of the UK waste management business in late April.
Senior debt is split between a £180m seven-year amortising A tranche paying 275bp over Libor, a £270m eight-year B tranche paying 250bp, a £270m nine-year term loan C paying 400bp, a £90m seven-year revolver paying 275bp and a £50m seven-year capex facility paying 275bp. The £280m 10-year mezzanine tranche pays 425bp cash and 550bp PIK.
Banks were invited to join as a JLA on a £40m ticket paying 150bp or an arranger for £20m paying 100bp. There is an institutional carve-out for funds on the B and C tranches.
Bookrunner and mandated lead arranger UniCredit (HVB) has closed syndication of the €205m debt package backing IndustriKapital‘s buyout of Flaberg from EquiVest/CBR. Leads said the deal closed with a robust over-subscription. Facilities were allocated on May 30.
Landesbank Rheinland-Pfalz (LRP) and HSH joined as joint lead arrangers ahead of syndication. The debt is split between a €175m senior loan and a €30m mezzanine piece.
Leverage is 3.1x through senior and 3.9x total debt. The bank meeting was held on May 15 in Furth im Wald, Germany. Germany-based Flabeg manufactures automotive mirror glass and mirrors for the renewable energy industry.
Arrangers ABN AMRO (RBS), BNP Paribas, Lloyds TSB and Merrill Lynch have completed a waiver process to support Macquarie-owned European Directories’ acquisition of smaller Dutch market rival Gouden Gide.
The waiver cleared the way for an add-on of approximately €150m to fund the purchase. Investors backed the deal in exchange for a 50bp fee. New debt will allocate next week at par after closing oversubscribed at par with the support of institutional investors.
Bookrunners and mandated lead arrangers Barclays and SG have closed and allocated the £232m loan backing 3i‘s buyout of Inspicio. HSBC joined as an mandated lead arranger ahead of general syndication, which was launched in March. The deal targeted banks only and closed fully subscribed.
Debt is split between £180m senior term loans, a £55m revolver and a £47m mezzanine tranche that was pre-placed. Banks were invited to join on tickets of £20m paying 125bp or £15m for 100bp. Proceeds fund the buyout and refinance debt. Inspicio is a UK-based testing and environmental services group.
Bookrunners Barclays and Merrill Lynch are in the market with the €620m debt package backing Ineos‘ acquisition of Norsk Hydro’s petrochemicals business Kerling.
Ineos bought the business for NKr5.5bn in debt and equity. Debt is split between a €345m senior loan paying 350bp over Euribor, in turn split between a €305m 18-month term loan and a €40m 18-month revolver. In addition there is a further €275m two-year mezzanine loan paying 10%, split between 5% cash and 5% PIK. The deal is collateralised against both Kerling assets and a pledge to Ineos stock.