IFR Magazine – June 08, 2019

DROPûINûHOMEûVALUESû.IPPONû0AINTûCURRENTLYû
HASûNOûOPERATIONSûINû!USTRALIAûANDû.EWû
:EALAND
4HEûACQUISITIONûISûSUBJECTûTOûAPPROVALû
FROMûFOREIGN
INVESTMENTûREGULATORSûINû
!USTRALIAûANDû.EWû:EALAND

NIPPON PROLOGIS REIT RAISES ¥54bn

NIPPON PROLOGIS REITûSIGNEDûTWOûBRIDGEûLOANSû
TOTALLINGûcBNûFORûREALûESTATEûACQUISITIONS
SMBCûISûPROVIDINGûcBNûWHILEûMUFG
ISûFUNDINGûcBN
"OTHûBULLETûLOANSûCARRYûTENORSûOFûONEûYEARû
ANDûPAYûINTERESTûMARGINSûOFûBPûOVERûONE
MONTHû4IBOR
)Nû-ARCHûLASTûYEARûTHEûBORROWERûRAISEDû
cBNûTHROUGHûAû
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TOûPARTIALLYûTAKEûOUTûAûcBNûTWO
YEARû
BRIDGEûFACILITY
4HEûBORROWERûINVESTSûINûLOGISTICSûFACILITIESû
NATIONWIDE

INVESCO OFFICE J-REIT SIGNS REFI

INVESCO OFFICE J-REITûSIGNEDûAûcBNûMULTI
TRANCHEûTERMûLOANûFORûRElNANCINGûPURPOSES
4HEûBULLETûLOANûISûSPLITûINTOûcBNûONE
YEARûcBNûTHREE
YEARûANDûcBNûlVE
YEARû
tranches, which pay interest margins of
BPûBPûANDûBPûOVERûONE
MONTHû4IBORû
RESPECTIVELY
SMBCûWASûTHEûARRANGERûWHILEûAozora Bank,
Development Bank of Japan, MUFG, Mizuho Bank,
Resona Bank, Shinsei Bank, Sumitomo Mitsui
Trust BankûJOINEDûINûSYNDICATION
4HEûBORROWERûINVESTSûMAINLYûINûOFlCEû
BUILDINGSûINûTHEû'REATERû4OKYOû!REA

SINGAPORE

SPH NETS £205m TERM LOAN

SINGAPORE PRESS HOLDINGSûHASûRAISEDûAûaMû
FOUR
YEARûTERMûLOANûTOûPARTIALLYûREPAYûANû
ACQUISITIONûlNANCINGûTHATûBACKEDûITSûPURCHASEû
OFûSTUDENTûHOUSINGûASSETSûINûTHEû5+
OCBC Bank and Standard Chartered are the
LENDERSûOFûTHEûlNANCINGûWHILEû3TRAITSû
#APITOLû4RUSTûISûTHEûBORROWER
4IMESû0ROPERTIESûAûWHOLLYûOWNEDû
SUBSIDIARYûOFû30(ûISûTHEûSOLEûUNITûHOLDERûOFû
3TRAITSû#APITOLû4RUSTûOFûWHICHû3TRAITSû#-ûISûTHEû
MANAGERûANDû0ERPETUALû!SIAûISûTHEûTRUSTEE
The agreement contains two change of
CONTROLûPROVISIONSû30(ûTHEûSPONSORûOFû
3TRAITSû#APITOLû4RUSTûWILLûDIRECTLYûORû
INDIRECTLYûOWNûûOFûTHEûUNITSûOFûTHEû
BORROWERûANDûWILLûALSOûDIRECTLYûORûINDIRECTLYû
OWNûûOFûTHEûMANAGER
)NûTHEûEVENTûOFûAûBREACHûOFûANYûOFûTHEû
FACILITYûCONDITIONSûTHEûLENDERSûAREûENTITLEDû
TOûREQUIREûAûMANDATORYûREPAYMENTûOFûTHEû
ENTIREûFACILITY

0ROPERTYûMORTGAGESûAGAINSTûTHEûSTUDENTû

ACCOMMODATIONûPORTFOLIOûCOMPRISINGûû

ASSETSûINûSIXûTOWNSûANDûCITIESûINûTHEû5+ûANDûAû

CORPORATEûGUARANTEEûFROMû30(ûFORMûTHEûCREDITû

ENHANCEMENTSûFORûTHEûLOANûTHEûlLINGûSAYS

0ROCEEDSûWILLûBEûUSEDûTOûPARTIALLYûREPAYû

THEûEXISTINGûLOANûBORROWEDûFROMû4IMESû

0ROPERTIESûFORûTHEûACQUISITIONûLASTû3EPTEMBERû

OFûTHEûPORTFOLIOûOFûSTUDENTûHOUSINGûBUILDINGSû

FORûABOUTûaM

4HEûBUILDINGSûACQUIREDûFROMû5NITEû

'ROUPûHAVEûAûTOTALûCAPACITYûOFûûBEDSû

4HEYûINCLUDEûûFREEHOLDûANDûFOURûLEASEHOLDû

ASSETSûANDûAREûLOCATEDûINûESTABLISHEDû

UNIVERSITYûTOWNSûANDûCITIESûWITHûLARGEûFULL

TIMEûSTUDENTûPOPULATIONSûNAMELYû

"IRMINGHAMû"RISTOLû(UDDERSlELDû,ONDONû

0LYMOUTHûANDû3HEFlELD

EUROPE/MIDDLE

EAST/AFRICA

BELGIUM

GREENYARD AGREES WAIVER

&RUITûANDûVEGETABLEûGROUPûGREENYARD has

AGREEDûAû

MONTHûCOVENANTûWAIVERûONûITSû

EXISTINGûõMûSYNDICATEDûLOANûTOûGIVEûITû

TIMEûTOûIMPLEMENTûAûPLANûAIMEDûATûKEEPINGû

ITSûNETûDEBTûUNDERûCONTROL

,ENDERSûWILLûWAIVEûTHEûLEVERAGEûANDûINTERESTû

RATIOûCOVENANTSûONûTHEûFACILITYûUPûTOûANDû

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'REENYARDûDIVESTINGûNON

COREûASSETSû

IDENTIFYINGûAûCORNERSTONEûINVESTORûTOûSUPPORTû

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OFûTHEûSALEûOFûITSûPREPAREDûFOODSûDIVISION

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FROMûûTIMESûLASTûYEARûDUEûTOûAûDECREASEûINû

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!FTERûTHEûWAIVERûPERIODûTHEûCOVENANTSû

REVERTûTOûMINIMUMûINTERESTûCOVERûOFûû

TIMESûANDûMAXIMUMûLEVERAGEûOFûûTIMES

The company said it is committed to

REDUCEûLEVERAGEûOVERûTHEûNEXTûTHREEûYEARSûTOû

BELOWûûTIMESûMAINLYûTHROUGHû

DIVESTMENTS

)Nû3EPTEMBERûû'REENYARDûSECUREDûAû

WAIVERûOFûTHEûCOVENANTSûONûTHEûLOANûAFTERû

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ERRATICûHARVESTSûANDûPRICINGûCOMPETITION

4HEûMULTICURRENCYûLOANûINCLUDESûAûõMû

TERMûLOANûPAYINGûAûMARGINûOFûBETWEENû

BPûANDûBPûOVERû%URIBORûDEPENDINGûONû

LEVERAGE

4HEREûISûALSOûAûõMûREVOLVINGûCREDITû

FACILITYûPAYINGûAûMARGINûOFûBETWEENûBPû

ANDûBP

'REENYARDûORIGINALLYûAGREEDûTHEûlVE

YEARû

lNANCINGûINû$ECEMBERûûFORûõMûVIAû

COORDINATINGûBANKû+"#û"ANKûALONGSIDEû".0û

0ARIBASû&ORTISûANDû).'û"ANKûASûBOOKRUNNINGû

MANDATEDûLEADûARRANGERS

!".û!-2/û"ANKû"ELlUSû"ANKûANDû

2ABOBANKûWEREûMANDATEDûLEADûARRANGERSû

).'ûWASûALSOûFACILITYûANDûSECURITYûAGENT

The company exercised an accordion

OPTIONûINû.OVEMBERûûINCREASINGûTHEû

2#&ûBYûõMûTOûõM

BEAULIEU SIGNS €200m RCF

&ABRICûANDûmOOR

COVERINGûMANUFACTURERû

BEAULIEU INTERNATIONAL GROUP has signed a

õMûMULTICURRENCYûREVOLVINGûCREDITû

FACILITYûTHATûWILLûBEûUSEDûTOûRElNANCEûANû

EXISTINGûCREDITûFACILITY

4HEûlNANCINGûWHICHûISûFORûGENERALû

CORPORATEûPURPOSESûHASûAûlVE

YEARûMATURITYû

WITHûTWOûONE

YEARûEXTENSIONûOPTIONSûASûWELLû

ASûANûACCORDIONûFACILITYûALLOWINGûTHEûLOANûTOû

BEûINCREASEDûBYûUPûTOûõM

KBC Bank COORDINATEDûTHEûlNANCINGûALONGû

with BNP Paribas Fortis and ING Belgium as

BOOKRUNNINGûMANDATEDûLEADûARRANGERSû

"ELlUSû"ANKûWASûMANDATEDûLEADûARRANGERû

WHILEûHSBC France WASûLEADûARRANGER

+"#û"ANKûISûFACILITYûAGENTûONûTHEûTRANSACTION

")'ûOPERATESûTHREEûBUSINESSûUNITSû

mOORINGûPOLYMERSûANDûENGINEEREDûPRODUCTSû

4HEûCOMPANYûHADûREPORTEDûSALESûOFûõBNû

ANDû%BITDAûOFûõMûINû

GERMANY

INFINEON NETS €9bn BRIDGE

Chipmaker INFINEON TECHNOLOGIESûISûBACKINGû

ITSûõBNûACQUISITIONûOFû53

BASEDû#YPRESSû

3EMICONDUCTORûWITHûAûFULLYûUNDERWRITTENû

BRIDGEûLOAN

4HEûlNANCINGûHASûBEENûUNDERWRITTENûBYû

Credit Suisse, JP Morgan and Bank of America

Merrill Lynch

EMEA LOANS BOOKRUNNERS – FULLY

SYNDICATED VOLUME

BOOKRUNNERS: 1/1/2019 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 BAML 32 16,762.43 8.7

2 BNP Paribas 54 11,983.94 6.2

3 Deutsche Bank 38 10,023.82 5.2

4 UniCredit 50 9,621.55 5.0

5 Credit Agricole 45 8,714.63 4.5

6 JP Morgan 27 8,286.73 4.3

7 Citigroup 35 7,676.49 4.0

8 Commerzbank 43 6,932.48 3.6

9 SG 38 6,420.86 3.3

10 Barclays 28 6,224.25 3.2

Total 242 192,750.45

Proportional credit

Source: Refinitiv SDC code: R17