&IRSTû%0ûWASûESTABLISHEDûINûûANDû
started formal business operations on July 1
- It develops and operates a portfolio of
upstream oil and gas assets.
RUSSIA
SUEK SIGNS PXFRussian coal miner SUEKûHASûSIGNEDûAûlVE
YEARûPRE
EXPORTûlNANCINGûTHATûCLOSEDûATûJUSTû
under US$800m.
The company has been in the market
SINCEûANUARYûLOOKINGûFORûAûlNANCINGûOFûUPû
to US$1bn and banks still have the option to
join the loan after it has closed.
Proceeds will be used to pay down
SUEK’s debt across its loan facilities. In
ANUARYûAû53BNûlVE
YEARûû08&û
matured.
&INALISINGûTHEûNEWûLOANûTOOKûLONGERûTHANû
expected due to a number of issues. Lenders
were predominately put off by the margin
of around 170bp over Libor that was sought
by SUEK. The US$1.5bn loan agreed in 2014
paid all-in pricing of just over 300bp over
Libor.
SUEK is also more constrained by the fact
that a number of banks have had to step
away from the borrower under the carbon
neutrality initiative, which says they can no
longer lend to certain energy companies for
environmental reasons.
SUEK was last in the market in March
ûWHENûITûSIGNEDûAû53BNûlVE
YEARû
syndicated pre-export loan with a group of
18 banks.
LATIN AMERICA
MEXICO
TOREX GOLD UNIT NETS AMENDED LOANCanadian gold producer Torex Gold
Resources’ wholly owned Mexican
subsidiary MINERA MEDIA LUNA has signed an
amended and restated credit agreement for
US$335m.
The deal was agreed with Bank of Montreal,
BNP Paribas, ING, Societe Generale and Bank of
Nova Scotia.
The facility is an amendment and
restatement of the secured US$400m loan
that was signed in July 2017. It comprises a
US$185m term loan and a US$150m
revolving loan facility.
0ROCEEDSûOFûTHEûLOANûWILLûRElNANCEûTHEû
ûFACILITY ûWHILEûTHEû2#&ûCANûBEûUSEDûFORû
general corporate purposes.
The loan carries a margin of 300bp over
Libor. They will mature on June 30 2022
PROVIDEDûTHEû2#&ûISûREDUCEDûTOû53MûBYû
December 31 2021.LEVERAGED LOANS
UNITED STATES
DIGICERT SEEKS US$1.55bn LOANInternet security company DIGICERT has
launched a US$1.55bn term loan backing
the company’s sale.
Pricing on the seven-year Term Loan B is
GUIDEDûATûBPûOVERû,IBORûWITHûAûûmOORû
The loan is offered at an OID of 99.5 and has
101 soft call protection for six months.
The Term Loan B comes alongside a
US$125m revolving credit facility and a
privately placed US$550m second-lien term
loan.
Credit Suisse, Jefferies, Macquarie, UBS,
Barclays, Deutsche Bank, Golub Capital and
Antares are arranging the transaction.
Private investor Clearlake Capital and
existing investor TA Associates are buying
THEûCOMPANY ûWHILEûPRIVATEûEQUITYûlRMû
Thoma Bravo will exit the business after
taking a majority stake in August 2015.
Clearlake and TA have agreed to become
equal partners in the company.
#ORPORATEûFAMILYûRATINGSûAREû""
û&IRST
lien facility ratings are B2/B-.
Insurance technologies company SEDGWICK
is in the market with a US$1.1bn
incremental Term Loan B that will back its
acquisition of York Risk Services.
The covenant-lite seven-year loan is
GUIDEDûATûBPûOVERû,IBORûWITHûAûûmOORû
and a 99-99.5 OID. It will have 101 soft call
protection for six months.Bank of America Merrill Lynch is lead-left,
while Morgan Stanley, SunTrust, Barclays,
Goldman Sachs, Wells Fargo, CarlyleGroup, BNP
Paribas, Citizens Bank, Credit Agricole, Fifth Third
Bank, ING, KCM and MUFG are arrangers.
Proceeds will be used to back the
acquisition of claims administrator York,
with Onex and other York shareholders
rolling equity into the combined business.
Sedgwick’s majority shareholder is The
Carlyle Group, and Stone Point Capital,
Caisse de depot et placement du Quebec,
and other management investors are
minority shareholders.
Corporate ratings are B3/B and facility
ratings are B2/B.
Pro forma for the acquisition, Moody’s
estimates Sedgwick’s debt-to-Ebitda ratio
will be around eight times, which the
RATINGSûlRMûEXPECTSûWILLûDROPûTOûBELOWûû
times over the next few quarters.
Logistics company SAVAGE ENTERPRISES has
set out terms for repricing of its US$960.25m
Term Loan B, which matures in 2025.
The TLB is being offered at 400bp over
,IBORûWITHûAûûmOOR ûû/)$ûANDûûSOFTû
call protection for six months.
The loan will amortise at 5% per year until
December 2021 and 1% per year thereafter.
Savage Enterprises must adhere to a
COVENANTûOFûûTIMESûlRST
LIENûLEVERAGE
Morgan Stanley is leading the transaction.
Corporate ratings are B1/B+ while the
lRST
LIENûRATINGSûAREû""
In June 2018, Savage Enterprises priced a
US$1.1bn seven-year TLB at 450bp over
,IBOR ûWITHûAûûmOORûANDûû/)$
Morgan Stanley led the transaction alongside
7ELLSû&ARGO û0.#û#APITALû-ARKETSûANDû#ITIGROUP
Proceeds backed the company’s
ACQUISITIONûOFûAGRIBUSINESSûlRMû"ARTLETTWESTJET GUIDES US$1.96bn TLBCanada’s WESTJET AIRLINES unveiled price
guidance for a US$1.955bn term loan B thatAMERICAS LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 565 182,184.00 12.1
2 BAML 613 179,347.46 11.9
3 Wells Fargo 482 121,617.99 8.1
4 Citigroup 324 111,268.41 7.4
5 RBC 191 84,426.46 5.6
6 MUFG 177 79,469.90 5.3
7 Barclays 197 51,741.56 3.4
8 Morgan Stanley 87 46,491.99 3.1
9 Scotiabank 152 39,358.38 2.6
10 BNP Paribas 106 38,505.72 2.6
Total 2,439 1,501,386.30
Proportional credit
Source: Refinitiv SDC code: R7EMEA LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Credit Agricole 106 26,844.76 8.4
2 BNP Paribas 92 22,703.43 7.1
3 BAML 44 20,256.00 6.3
4 UniCredit 83 16,308.25 5.1
5 Deutsche Bank 55 14,985.95 4.7
6 SG 73 14,386.72 4.5
7 Citigroup 54 13,077.76 4.1
8 JP Morgan 47 12,518.99 3.9
9 Commerzbank 72 12,409.48 3.9
10 Natixis 59 10,770.02 3.4
Total 429 319,165.05
Proportional credit
Source: Refinitiv SDC code: R17