IFR Magazine – June 08, 2019

4HEûlVE
YEARûLOANûCOMPRISESûAû53BNû
TERMûLOANûANDûAû53MûREVOLVINGûCREDITû
FACILITY
Bank of America Merrill Lynch, Mizuho and
SMBC WEREûGLOBALûCOORDINATORSû
BOOKRUNNERSûANDûMANDATEDûLEADûARRANGERSû
ONûTHEûDEALûWHICHûWASûSYNDICATEDûTOûAû
TARGETEDûGROUPûOFûRELATIONSHIPûBANKS
-ANDATEDûLEADûARRANGERSûAREûBNP Paribas
and Industrial and Commercial Bank of Chinaû
Bank of China, China Construction Bank, Citibank,
Intesa Sanpaolo, JP Morgan and MUFG were
LEADûARRANGERS

SPAIN

CEREALTO SIRO NETS SUSTAINABLE LOAN

#EREAL
BASEDûFOODûCOMPANYûCEREALTO SIRO has
AGREEDûAûõMûSUSTAINABLEûSYNDICATEDûLOANû
TOûlNANCEûITSûGROWTHûPLANûAFTERûTHEûMERGERû
OFû#EREALTOûANDû'RUPOû3IROûINû.OVEMBERû

4HEûMARGINûPAIDûONûTHEûlNANCINGûISû
LINKEDûTOûAûSETûOFûSUSTAINABILITY
BASEDû
OBJECTIVESûINCLUDINGûTHEûRENEWALûOFûTHEûZEROû
WASTEûTOûLANDlLLûCERTIlCATIONSûATûALLûOFûTHEû
COMPANYSûPLANTSûANDûMAINTAININGûAû
WORKFORCEûWITHûATûLEASTûûOFûPEOPLEûATûRISKû
OFûSOCIALûEXCLUSION
Rabobank LEDûTHEûlNANCINGûASûAGENTûBANKû
with Banco SantanderûCaixabank, Banco
Sabadell, Bankia, ICO, Liberbank, Caja Rural de
Zamora and Abanca ALSOûPARTICIPATED
h7EûHAVEûCOMMITTEDûVOLUNTARILYûTOû
UNDERTAKINGûANûANNUALûSUSTAINABILITYûAUDITû
FORûTHEûDURATIONûOFûTHEûLOANvû*UANû-ANUELû
'ONZALEZû3ERNAûPRESIDENTûOFû#EREALTOûSAID
#EREALTOûTAPPEDûTHEûLOANûMARKETûINû
.OVEMBERûûFORûAûõM
EQUIVALENTû
SYNDICATEûLOANûTOûBACKûITSûINTERNATIONALû
EXPANSIONûPLANS
4HATûlNANCINGûCOMPRISEDûAûõMû
YEARûTERMûLOANûANDûAûaMûlVE
YEARûTERMû
LOAN
4HEûLOANûWASûLEDûBYû"ANCOû3ANTANDERûASû
BOOKRUNNERûANDûMANDATEDûLEADûARRANGER

SWEDEN

STILLFRONT BAGS BRIDGE

Gaming studio STILLFRONTûISûBACKINGûITSû
53MûACQUISITIONûOFû#ANADIANûGAMESû
DEVELOPERû+IXEYEûWITHûAû3+RMû53M û
SIX
MONTHûBRIDGEûLOANûFROMû3WEDBANK
4HEûBRIDGEûLOANûHASûTWOûSIX
MONTHû
EXTENSIONûOPTIONS
)NûTHEûNEXTûûMONTHSû3TILLFRONTûINTENDSû
TOûREPAYûTHEûBRIDGEûLOANûANDûSTRENGTHENûITSû
lNANCIALûmEXIBILITYûTHROUGHûAûROUGHLYû
3+RMûEQUITYûRAISEûANDûNEWûDEBTûINûTHEû
FORMûOFûBONDSûANDûLOANS

!TûTHEûENDûOFû-ARCHû3TILLFRONTûHADûCASHûOFû

ABOUTû3+RMûANDûANûUNUSEDûREVOLVINGû

CREDITûFACILITYûOFûABOUTû3+RM

UAE

EMIRATES NBD SEEKS US$200m

3TATE

OWNEDûBANKûEMIRATES NBD is seeking

COMMITMENTSûFROMûLENDERSûINûSENIORû

SYNDICATIONûFORûAû53MûBULLETûTERMûLOAN

Mizuho Bank ISûTHEûMANDATEDûLEADûARRANGERû

ANDûBOOKRUNNERûOFûTHEûDEALûWHICHûCARRIESûAû

53MûGREENSHOEûOPTION

4HEûLOANûISûSPLITûINTOûTENORSûOFûTHREEûANDû

lVEûYEARSûWITHûINTERESTûMARGINSûOFûBPûANDû

BPûOVERû,IBORûRESPECTIVELY

"ANKSûJOININGûASû-,!"SûWITHû53MûORû

MOREûWILLûEARNûTOP

LEVELûALL

INûPRICINGûOFû

BPûANDûBPûBASEDûONûUPFRONTûFEESûOFû

BPûANDûBPûRESPECTIVELYûFORûTHEûTHREEû

ANDûlVE

YEARûPORTIONS

'ENERALûSYNDICATIONûISûEXPECTEDûTOûBEû

LAUNCHEDûSOON

)Nû3EPTEMBERûû%MIRATESû."$ûSIGNEDû

Aû53BNûTHREE

YEARûCLUBûLOANûWITHûû

BANKS

3TATE

OWNEDû)NVESTMENTû#ORPûOFû$UBAIû

OWNSûAROUNDûûOFû%MIRATESû."$û

WHICHûISûRATEDû!!û-OODYS&ITCH 

UK

RANK DETAILS STRIDE LOAN

$ETAILSûHAVEûEMERGEDûOFûTHEûaMûLOANû

BACKINGû5+ûGAMINGûCOMPANYûRANK GROUPSû

aMûACQUISITIONûOFû5+

FOCUSEDûONLINEû

GAMINGûOPERATORû3TRIDEû'AMING

NatWest ISûBOOKRUNNERûMANDATEDûLEADû

ARRANGERûANDûFACILITYûAGENTûONûTHEûlNANCING

4HEûlVE

YEARûlNANCINGûPAYSûANûINITIALû

MARGINûOFûBPûOVERû,IBORûWITHûAûûmOORû

SUBSEQUENTLYûRATCHETINGûONûAûNETûDEBTûTOû

CONSOLIDATEDû%BITDAûGRID

&ORûLEVERAGEûOFûûTIMESûORûOVERûTHEû

MARGINûISûBPûOVERû,IBORûFORû

ûTIMESû

ITûISûBPûFORû

ûTIMESûITûISûBPûFORû



ûTIMESûITûISûBPûANDûFORûLOWERûTHANû

ûTIMESûITûISûBP

4HEREûISûAûTICKINGûFEEûOFûûOFûTHEû

APPLICABLEûMARGIN

2EPAYMENTSûSTARTûWITHûaMûPAYMENTû

ONûTHEûSECONDûANNIVERSARYûOFûSIGNINGû

aMûONûTHEûTHIRDûANNIVERSARYûANDû

aMûONûTHEûFOURTHûANNIVERSARY

2ANKûINTENDSûTOûlNANCEûTHEûACQUISITIONû

THROUGHûNEWûDEBTûBUTûMAYûDECIDEûTOûUSEûITSû

EXISTINGûDEBTûFACILITIESûANDORûEXISTINGûCASHû

RESOURCESûTOûFUNDûAûPORTIONûOFûTHEûTRANSACTION

)Nû*ANUARYû2ANKû'ROUPûPUTûINûPLACEûaMû

OFûBILATERALûTERMûLOANSûRElNANCINGûaMûOFû

EXISTINGûTERMûLOANSûANDûENSURINGûSUFlCIENTû

DEBTûFACILITIESûWEREûINûPLACEûTOûCOVERû

DEFERREDûPAYMENTSûRELATEDûTOûTHEûACQUISITIONû

OFû3PANISHûONLINEûBINGOûOPERATORû9O"INGO

2ANKûACQUIREDû9O"INGOûINû-AYûûFORûANû

INITIALûCONSIDERATIONûOFûõMûWITHûAû

MAXIMUMûCONSIDERATIONûOFûõMû

DEPENDINGûONûPERFORMANCE

4WOûOFûTHEûTHREEûLOANSûMATUREûINû*ANUARYû

ûWITHûTHEûTHIRDûDUEûINû-ARCHû

2ANKûALSOûHASûACCESSûTOûAûaMûOFû

EXISTINGûUNDRAWNûBILATERALûREVOLVINGûCREDITû

FACILITIES

THAMES WATER GETS £175m

5TILITYûTHAMES WATERûHASûAGREEDûAûaMûLOANû

with Intesa Sanpaolo WITHûINCENTIVESûLINKEDûTOû

CIRCULARûECONOMYûMETRICS

4HEûlNANCINGûISûTHEûlRSTûINTERNATIONALû

DRAWINGûONû)NTESASûõBNûCIRCULARûECONOMYû

lNANCINGûFACILITYûANDûCOMESûAFTERû4HAMESû

7ATERûSIGNEDûAûaBNûlVE

YEARû%3'

LINKEDû

REVOLVINGûCREDITûFACILITYûINûLATEû

5NDERûTHEûNEWûLOANû4HAMESû7ATERSû

PERFORMANCEûWILLûBEûREGULARLYûCHECKEDû

AGAINSTûCIRCULARûECONOMYûMETRICSûWITHûAû

POSSIBLEûIMPROVEMENTûINûLOANûCONDITIONS

4HEûLOANûWASûLEDûBYûTHEû,ONDONûHUBûOFû

)NTESAû3ANPAOLOSû#)"û$IVISIONûANDû

STRUCTUREDûBYû"ANCAû)-)ûWITHûTHEûSUPPORTûOFû

THEû#IRCULARû%CONOMYû4EAMûOFûTHEû)NTESAû

3ANPAOLOû)NNOVATIONû#ENTRE

h4OûDATEûTHEûGROUPûHASûPROVIDEDûMOREû

THANûõMûTOûTHEûCIRCULARûECONOMYûTHROUGHû

OURûDEDICATEDûõBNûlNANCINGûFACILITYvû-AUROû

-ICILLOûHEADûOFû)NTESAû3ANPAOLOû#)"ûANDûCHIEFû

EXECUTIVEûOFlCERûOFû"ANCAû)-)ûSAID

)NûAûCIRCULARûECONOMYûRESOURCESûAREûKEPTû

INûUSEûFORûASûLONGûASûPOSSIBLEûASûANû

ALTERNATIVEûTOûTRADITIONALûLINEARûECONOMICû

MODELSûOFûMAKE

USE

DISPOSE

4HAMESû7ATERSûaBNû%3'

LINKEDû2#&û

WASûSIGNEDûINû$ECEMBERûûVIAû

COORDINATINGûBANKû".0û0ARIBASûASûPARTûOFû

AûSYNDICATEûOFûûBANKSûBECOMINGûTHEû

lRSTû5+ûCORPORATEûTOûTIEûTHEûINTERESTûRATEû

ITûWILLûPAYûONûAû2#&ûTOûITSûINFRASTRUCTUREû

'LOBALû2EALû%STATEû3USTAINABILITYû"ENCHMARKû

SCORE

4HEû2#&ûHASûINTERESTûMARGINSûLINKEDûTOû

ANNUALûPERFORMANCEûAGAINSTûENVIRONMENTALû

SOCIALûANDûGOVERNANCEûMETRICS

)Fû4HAMESû7ATERûOUTPERFORMSûTHEû%3'û

BENCHMARKûITûWILLûPAYûAûLOWERûMARGINûONûTHEû

2#&ûWITHûANYûlNANCIALûGAINSûBOOSTINGûTHEû

COMPANYSûCHARITABLEûFUNDûWHICHûDONATEDû

aûTOûûCHARITIESûANDûCOMMUNITYû

groups across London and the Thames

6ALLEYûINû

DISCOVERIE INCREASES RCF

%LECTRONICSûCOMPANYûDISCOVERIEûFORMERLYû

!CALûINCREASEDûITSûEXISTINGûSYNDICATEDûLOANû

BYûaMûTOûaM