IFR 03.08.2019

LOANS EMEA

bridge loan to back the proposed acquisition
of US$2.15bn.
The sale of four cement plants and one
grinding plant in the Philippines is expected
to be completed in the fourth quarter of
2019.

PAKISTAN

PAKISTAN RAISES US$500m

The government of PAKISTAN has raised
US$500m through an Islamic syndicated
loan provided by a consortium of 12 banks.
The loan, coordinated by Emirates NBD
Capital, was 40% oversubscribed.
The group of lenders includes Commercial
Bank of Dubai, Emirates NBD, Noor Bank, Allied
Bank, Dubai Islamic Bank, First Abu Dhabi Bank,
Mashreq Bank, Sharjah Islamic Bank, Samba
Financial Group, Bank of Jordan, Habib Bank and
Union De Banques Arabes et Francaises.

SINGAPORE

APRIL SELF-ARRANGES US$650m DEAL

!SIAû0ACIlCû2ESOURCESû)NTERNATIONALû!02), û
is seeking a self-arranged US$650m multi-
TRANCHEûlNANCING ûRETURNINGûTOûTHEû
syndicated loans market after slightly more
than six months.
4HEûLATESTûlNANCING ûWHICHûCOMESûWITHûAû
greenshoe option of up to US$350m,
comprises a US$100m three-year bullet
4RANCHEû ûAû53MûlVE
YEARûAMORTISINGû
Tranche 2 and a US$200m seven-year
amortising Tranche 3.
The tranches pay interest margins of 200bp,
215bp and 240bp over Libor, respectively.
Banks receive the mandated lead arranger
and bookrunner title for commitments of
US$100m or more, the MLA title for
US$75m–$99m, the lead arranger title for
US$50m–$74m, the arranger title for
US$25m–$49m, or the manager title for
tickets below US$25m. Tranche 1 is only
available to lenders joining as MLABs.
MLABs earn fees of 80bp, 85bp and 105bp
FORû4RANCHESû ûûANDû ûRESPECTIVELYû&ORû
Tranche 2, MLAs, lead arrangers, arrangers
and managers receive fees of 70bp, 60bp,
40bp and 30bp, respectively, while for
Tranche 3, the fees are 85bp, 75bp, 55bp and
40bp for those titles, respectively.
There is an additional early bird fee of
15bp for lenders committing before October

25. Documentation is expected to take place
    on October 28.
    APRIL INTERNATIONAL ENTERPRISE, a unit of
    Cayman-incorporated AP International
    Resources (API), is the borrower. API is a unit
    of APRIL.

Proceeds raised will be used for general

corporate purposes of APRIL Group and API,

INCLUDINGûBUTûNOTûLIMITEDûTOûRElNANCINGû

working capital and maintenance capital

expenditure requirements.

APRIL’s last visit to the loan markets

was in December when it raised a

US$835m self-arranged loan that attracted

21 lenders.

APRIL, part of privately owned industrial

group RGE, produces pulp and paper, and

has operations in Indonesia and China.

EUROPE/MIDDLE

EAST/AFRICA

FRANCE

ESSILORLUXOTTICA NETS €8bn BRIDGE

ESSILORLUXOTTICA, the world’s largest eyewear

maker, has agreed a committed bridge

lNANCINGûOFûAPPROXIMATELYûõBNûFROMûAû

group of banks to back its acquisition of

Dutch optical retailer GrandVision.

4HEûCOMPANYûSAIDûITûhPLANSûTOûRElNANCEû

through debt and equity, or equity-like

INSTRUMENTSûINûTHEûAMOUNTûOFûUPûTOûõBNv

EssilorLuxottica was formed last year

THROUGHûTHEûMERGERûOFû&RENCHûLENSESû

specialist Essilor, known for its Varilux

lenses, and Italian spectacles maker

Luxottica, which owns brands such as Ray-

Ban.

The group said it will buy a 76.72% stake

in GrandVision from Dutch investment

COMPANYû(!,ûFORûõûPERûSHARE

4HEûPRICEûCOULDûBEûINCREASEDûTOûõûPERû

share if the deal is not closed within a year,

and the terms of the deal value the whole of

'RAND6ISIONûATûUPûTOûõBN

GrandVision has more than 7,000 stores

in more than 40 countries across Europe,

Asia, North America and Latin America,

according to its website, and employs more

than 37,000 staff.

The deal is likely to come under the close

scrutiny of antitrust authorities. The

European Union last year approved the

õBNûMERGERûOFû%SSILORûANDû,UXOTTICAûAFTERû

a long and careful examination.

)Nû&EBRUARYû%SSILOR,UXOTTICAûBACKEDûTHEû

mandatory exchange offer for the minority

SHAREHOLDERSûOFû,UXOTTICAûWITHûAûõBNû

bridge loan.

4HEûSIX

MONTHûlNANCINGûWHICHûWASû

PROVIDEDûBYû".0û0ARIBASû-5&'û5NI#REDITû

and Intesa Sanpaolo, helped the company

issue the guarantee required under Italian

lNANCIALûMARKETûLAWûTOûlNANCEûTHEû

exchange offer.

HUNGARY

MOL EXTENDS PART OF LOAN

Oil and gas group MOL has extended the

MATURITYûOFûPARTûOFûITSûõMûlVE

YEARû

revolving credit facility that it signed with a

club syndicate of 15 relationship banks last July.

!ûõMûPORTIONûOFûTHEû2#&ûHASûBEENû

extended by one year until July 9 2024. The

margin paid on the deal, which was initially

75bp over Libor, has not been changed. It also

has an option to be extended by a further year.

The deal was coordinated by Erste Group

and KBC Bank with ING acting as facility

agent.

IRELAND

KEYWORDS STUDIOS AGREES RCF

Video game technical services provider

KEYWORDS STUDIOS has agreed terms on a

revolving credit facility.

The loan is being provided by Barclays,

Citibank, HSBC and Silicon Valley Bank for an

INITIALûõMûOVERûAûTHREE

YEARûTERMûWITHû

THEûOPTIONûTOûEXTENDûTHEûFACILITYûTOûõMû

and by a further two years.

)TûREPLACESûAûõMûFACILITYûONûTHEûSAMEû

terms.

)Nû!PRILûûTHEûCOMPANYûSIGNEDûAûõMû

THREE

YEARû2#&ûWITHû"ARCLAYSû(3"#ûANDû

Lloyds. The borrower had the option to

INCREASEûTHEûFACILITYûTOûõMûANDûTOûEXTENDû

the maturity by two years.

On Wednesday the company reported

lRST

HALFûREVENUEûROSEûûTOûõM

NIGERIA

FIRST E&P LOAN TO CLOSE BY SEPTEMBER

Oil and gas company FIRST EXPLORATION &

PETROLEUM DEVELOPMENT COMPANY is set to close a

US$235m loan facility by the end of September.

The senior secured reserve-based lending

facility is being arranged by Standard Bank

and is in syndication.

Banks are taking the deal through credit

committees at the moment, with potential

investors coming from Europe, South Africa

and Nigeria.

4HEûPROCEEDSûWILLûBEûUSEDûTOûlNANCEû&IRSTû

E&P’s 40% share of the development of oil

mining leases 83 and 85. Both of these leases

are in shallow waters offshore Bayelsa state,

Nigeria.

&IRSTû%0ûACQUIREDûTHEûSHAREûFROMû

#HEVRONû.IGERIAûINû&EBRUARYûû4HEû

other 60% is owned by Nigerian National

Petroleum Corporation.