IFR Magazine – June 08, 2019

(Nancy Kaufman) #1
LOANS AMERICAS

4HEûMATURITYûOFûTHEûlNANCING ûWHICHûISû
AVAILABLEûBOTHûFORûACQUISITIONSûANDûFORû
WORKINGûCAPITALûPURPOSES ûWASûEXTENDEDûBYû
TWOûYEARSûTOûUNEûûWITHûANûOPTIONûTOû
EXTENDûBYûAûFURTHERûYEAR
4HEREûISûALSOûAûaMûACCORDIONûFACILITY û
ALLOWINGûTHEûFACILITYûTOûBEûINCREASEDûUPûTOû
aM
4HEûLENDERûGROUPûHASûINCREASEDûTOûSIXû
BANKSûFROMûTHREEûBANKSûPREVIOUSLY
4HEûlNANCINGûWASûORIGINALLYûARRANGEDûINû
ULYûûFORûaMûVIAû(3"# û#LYDESDALEûANDû
$ANSKEû"ANKû!ûaMûACCORDIONûFACILITYûWASû
ACTIVATED ûINCREASINGûTHEûlVE
YEARûFACILITYûTOû
aM
!CALûAMENDEDûANDûEXTENDEDûTHEûlNANCINGû
INûULYû ûINCREASINGûTHEûlNANCINGûTOû
aMûANDûADDINGûAûFURTHERûaMûACCORDIONû
FACILITYû4HEûMATURITYûOFûTHEûFACILITYûWASû
EXTENDEDûTOû
ULYû
!CALûCHANGEDûITSûNAMEûTOû$ISCOVER)%ûINû
.OVEMBERû


AUTO TRADER EXTENDS RCF

6EHICLEûMARKETPLACEûOPERATORûAUTO TRADER
HASûEXTENDEDûTHEûMATURITYûOFûaMûOFûTHEû
aMûUNSECUREDûREVOLVINGûCREDITûFACILITYû
BYûONEûYEARûTOûUNEû
4HEûREMAININGûaMûOFûTHEûFACILITYûWILLû
MATUREûONûTHEûORIGINALûMATURITYûDATEûINû
UNEû

4HEû2#&ûWASûORIGINALLYûARRANGEDûINû*UNEû
ûVIAûAûCLUBûSYNDICATEûOFû!".û!-2/ û
"ANCOûDEû3ABADELL û"ANKûOFû#HINA û"ANKûOFû
)RELAND û".0û0ARIBAS û#)# û(3"# û,LOYDS û
-IZUHOûANDû.AT7EST
0RICINGûRANGESûFROMûBPûTOûBPûOVERû
,IBORûDEPENDINGûONûCONSOLIDATEDûLEVERAGEû
ANDûTHEREûISûAûCOMMITMENTûFEEûOFûûOFûTHEû
APPLICABLEûMARGINûONûUNDRAWNûAMOUNTS
4HEûlNANCINGûREPLACEDû!UTOû4RADERSû
PREVIOUSûSYNDICATEDûTERMûLOANûANDû2#& û
WHICHûWEREûDUEûTOûMATUREûINû-ARCHû


NORTH AMERICA


UNITED STATES


US FOODS SEALS ABL FACILITY

US FOODSûHASûAGREEDûAû53BNûASSET
BACKEDû
SENIORûSECUREDûREVOLVINGûCREDITûFACILITYûTOû
RElNANCEûAû53BNû!",ûFACILITYûTHATûWASû
DUEûTOûMATUREûINû
4HEû!",ûlNANCINGûCOMPRISESû53BNû
AVAILABLEûFROMûTHEûCLOSINGûDATEûANDû
53MûTHATûWILLûBEûAVAILABLEûATûANYûTIMEû
BEFOREû.OVEMBERû ûCONDITIONALûONûTHEû
COMPLETIONûOFûITSûACQUISITIONûOFû3ERVICESû
'ROUPûOFû!MERICA


4HEûlNANCINGûINCLUDESûSUB
FACILITIESûFORû
UPûTOû53MûTHATûCANûBEûUSEDûFORûTHEû
ISSUANCEûOFûLETTERSûOFûCREDITûANDûUPûTOû
53MûTHATûCANûBEûUSEDûFORûSWINGLINEû
LOANS
4HEûlNANCINGûWILLûMATUREûONû-AYûû

4HEûFACILITYûPAYSûANûINITIALûMARGINûOFû
BPûOVERû,IBOR ûSUBSEQUENTLYûRANGINGû
FROMûBPûTOûBPûDEPENDINGûONûAVERAGEû
EXCESSûAVAILABILITYûONûTHEûlNANCING
&ORûAVERAGEûEXCESSûAVAILABILITYûOFûLESSûTHANû
ûTHEûMARGINûISûBPûOVERû,IBORûFORûû
ORûMOREûITûISûBPûANDûFORûûORûMOREûITûISû
BP
Wells Fargo Bank ISûADMINISTRATIVEûAGENTû
ANDû!",ûCOLLATERALûAGENTûONûTHEûlNANCINGû
ALONGûWITHûKKR Capital Markets, Bank of
America Merrill Lynch, Bank of Montreal,
Citigroup, JP Morgan and Morgan Stanley as
LEADûARRANGERSûANDûBOOKRUNNERS
++2û#APITALû-ARKETS û"!-, û#ITI ûANDû*0û
-ORGANûAREûSYNDICATIONûAGENTSûWHILEû"ANKû
OFû-ONTREAL û-ORGANû3TANLEYûANDû53û"ANKû
AREûDOCUMENTATIONûAGENTS
Fifth Third Bank, Goldman Sachs, ING,
Rabobank and SunTrust Bank ALSOûPARTICIPATED
53û&OODSûISûBACKINGûITSû53BNû
ACQUISITIONûOFû3'!ûWITHûAû53BNûSENIORû
SECUREDûTERMûLOANûFROMû*0û-ORGANûANDû
"!-,

RATTLER MIDSTREAM NETS RCF

RATTLER MIDSTREAM OPERATING has signed a
53MûREVOLVINGûCREDITûFACILITYûWITHûWells
Fargo
Credit Suisse, JP Morgan and Bank of America
Merrill Lynch AREûLEADûARRANGERSûANDû
BOOKRUNNERS
4HEûLOANûWILLûMATUREûINû
0RICINGûISûBASEDûONûTHEûCOMPANYSû
CONSOLIDATEDûTOTALûLEVERAGEûRATIOû)TûPAYSû
BPûOVERû,IBORûWHENûDRAWNû)TûALSOûPAYSûAû
BP
BPûCOMMITMENTûFEE
&ORûAûRATIOûOFûLESSûTHANûûTIMES ûTHEûMARGINû
ISûBPûOVERû,IBORûWITHûAûBPûCOMMITMENTû
FEEûFORû
ûTIMESûITûISûBPûANDûBPûFORû

ûTIMESûITûISûBPûANDûBPûFORû
û
TIMESûITûISûBPûANDûBPûANDûFORûû
TIMESûORûMOREûITûISûBPûANDûBP
0IPELINEûOPERATORû2ATTLERû-IDSTREAMû
0ARTNERSû2-/SûPARENT ûAûSUBSIDIARYûOFû
$IAMONDBACKû%NERGY ûLAUNCHEDûANûINITIALû
PUBLICûOFFERINGûINû-AY ûWHICHûBROUGHTûINû
53M
2ATTLERûOPERATESûûMILESûOFûCRUDE û
NATURALûGAS ûDRILLINGûANDûWASTEûWATERû
PIPELINESûINûTHEû-IDLANDûANDû$ELAWAREû
BASINSûOFûTHEû0ERMIANû"ASIN

AVIATION CAPITAL AMENDS RCF

Aircraft asset manager AVIATION CAPITAL
GROUP has amended and extended its

lVE
YEARûUNSECUREDûREVOLVINGûCREDITûFACILITY û
INCREASINGûTHEûlNANCINGûBYû53MûTOû
AROUNDû53BN
4HEûMATURITYûHASûBEENûEXTENDEDûTOû*UNEûû

4HEûlNANCINGûWASûORIGINALLYûAGREEDûINû
ûFORû53BNûVIAû*0û-ORGANûASû
ADMINISTRATIVEûAGENT û2OYALû"ANKûOFû#ANADAû
as syndication agent, which together with
".0û0ARIBAS û#ITIGROUPûANDû-IZUHOû"ANKûASû
LEADûARRANGERS
)Nû!PRILûûTHEûlNANCINGûWASûINCREASEDû
TOû53BNûANDûTHEûMATURITYûEXTENDEDûBYû
ONE
YEARûTOû!PRILû
4HEûFACILITYûPAIDûBPûOVERû,IBORûINû
ûDEPENDINGûONûCREDITûRATING
4OGETHERûWITHûANOTHERû53Mû
UNSECUREDû2#& ûWHICHûWASûARRANGEDûINû
 û!#'ûHASû53BNûOFû2#&SûFROMûû
lNANCIALûINSTITUTIONS
!#'ûHASûûOWNED ûMANAGEDûANDû
COMMITTEDûAIRCRAFTûASûOFû-ARCHûû4HEû
AIRCRAFTûAREûLEASEDûTOûAROUNDûûAIRLINESûINûû
COUNTRIES
4HEûCOMPANYûWASûFOUNDEDûINûûANDûISû
MAJORITYûOWNEDûBYû0ACIlCû,IFEû)NSURANCEû
#OMPANYû!#'ûISûRATEDû!
ûBYû30ûANDû""" û
BYû&ITCH

ROYAL GOLD AMENDS RCF

0RECIOUSûMETALSûSTREAMSûANDûROYALTYûINTERESTû
manager ROYAL GOLD has amended and
EXTENDEDûITSûEXISTINGû53BNûREVOLVINGû
CREDITûFACILITY ûEXTENDINGûTHEûMATUREûOFûTHEû
LOANûBYûTWOûYEARSûTOû*UNEûûûANDûCUTTINGû
MARGINSûANDûFEES
0RICINGûISûLINKEDûTOûTHEûLEVERAGEûRATIO û
RANGINGûFROMûBPûOVERû,IBORûTOû
BPûOVERû,IBOR ûFROMûBP
BPû
PREVIOUSLY
4HEûNEWûPRICINGûISûFORûAûRATIOûOFûûTIMESû
ORûLESSûTHEûMARGINûISûBPûWITHûAûBPû
COMMITMENTûFEEûFORû
ûTIMESûITûISû

AMERICAS LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 382 137,507.51 13.7
2 BAML 430 123,212.05 12.3
3 Wells Fargo 318 82,656.76 8.2
4 Citigroup 224 76,310.71 7.6
5 MUFG 108 43,845.15 4.4
6 RBC 109 34,945.48 3.5
7 Barclays 122 34,099.93 3.4
8 BMO 159 28,322.67 2.8
9 HSBC 64 26,063.41 2.6
10 Morgan Stanley 59 25,157.17 2.5
Total 1,564 1,005,140.43
Proportional credit
Source: Refinitiv SDC code: R7
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