IFR 03.08.2019

#ORPORATEûRATINGSûAREû"A""ûANDûTHEûlRST
lien TLB is rated Ba3/BB+.
Leverage is expected to be between 4.3
and 4.4 times at closing, reducing to around
3.5 times by the end of 2021.
The acquisition will also be funded
through an existing credit facility at UGI
Corp and available liquidity at UGI.
Expense management company JAGGAER is
MARKETINGûAû53MûlRST
LIENûTERMûLOAN
The seven-year loan is being offered at
BP
BPûOVERû,IBOR ûAûûmOOR ûû/)$û
and 101 soft-call protection for six months.
Goldman Sachs, UBS, Antares and CPPIB are
arranging the transaction.
#ORPORATEûRATINGSûAREû""
ûANDûTHEûlRST
lien loan is rated B2/B-.
0ROCEEDSûWILLûlNANCEû#INVENSûACQUISITIONû
of the company from Accel-KKR.
Leverage is expected to remain above 8.0
times for the next 12-18 months, S&P said.
Administration services provider FRANKLIN
ENERGY GROUPûISûSEEKINGûAû53MûlRST
LIENû
term loan B.
The seven-year TLB is offered at 400bp-
BPûOVERû,IBOR ûWITHûAûûmOORûANDûû/)$
4HEûlNANCINGûALSOûINCLUDESûAû53Mû
second-lien eight-year term loan and a
53MûlVE
YEARûREVOLVINGûCREDITûFACILITY
Antares Capital is leading the loan, which is
rated B2 by Moody’s.
0ROCEEDSûWILLûBACKû&RANKLINû%NERGYSû
acquisition by ABRY Partners.
JANUS INTERNATIONAL GROUP is marketing a
US$180m incremental term loan B that will
RElNANCEûAûSECOND
LIENûTERMûLOANûANDûPARTû
fund a shareholder dividend.
4HEûlRST
LIENûINCREMENTALûLOANûISûBEINGû
offered at 375bp over Libor, with a 99 OID
and 101 soft-call protection for six months.
Janus’ incremental debt will be fungible
WITHûANûEXISTINGûlRST
LIENûTERMûLOANûTHEû
COMPANYûISSUEDûINû&EBRUARYû
That US$470m term loan, which matures
in 2025, was priced at 300bp over Libor, but
will now be repriced to 375bp in line with
the fungible incremental debt.
UBS and Morgan Stanley are arranging the
add-on.
)Nû&EBRUARYû û*ANUSûALSOûRAISEDûAû
US$100m eight-year second-lien term loan
at 775bp over Libor and a US$50m asset-
based revolving credit facility. Proceeds of
the 2018 transaction were used to back the
company’s acquisition by Clearlake Capital.
Janus is a commercial door manufacturer.

ASCEND PERFORMANCE SETS MEETING

ASCEND PERFORMANCE MATERIALS has scheduled
a bank meeting on Monday to discuss
RElNANCINGûDEBT
The company is seeking a US$1.1bn
seven-year term loan B. It will have 101 soft
call protection for six months.

Bank of America Merrill Lynch, Goldman Sachs,

HSBC, JP Morgan and Wells Fargo are arranging

the debt.

The polymer and plastics producer will

also use the loan to pay a distribution to

shareholders.

APEX TOOL GROUP has also scheduled a

lender call for Monday to discuss a US$874m

term loan B that will amend and extend its

senior secured credit facilities.

4HEûlNANCINGûWILLûALSOûCOMPRISEûAû

US$175m revolving credit facility.

Barclays is administrative agent on the

transaction.

)Nû&EBRUARYûû!PEXû4OOLûLAUNCHEDûAû

US$913.6m senior secured TLB that

extended its loan by two years to 2022 and

upsized it by US$125m.

That deal was guided at 375bp over Libor

ANDûAûûmOOR

EUROPE/MIDDLE EAST/

AFRICA

SWISSPORT SEEKS REFI

Airport cargo handler SWISSPORT has

LAUNCHEDûAûõMûTERMûLOANûTOûRElNANCEû

debt.

0RICINGûONûTHEûlVE

YEARûCOVENANT

LITEû

Term Loan B is guided at 475bp-500bp over

%URIBORûWITHûAûûmOORûANDûAûû/)$

Barclays is the bookrunner and admin

agent.

Corporate ratings are B3/B-, while issuer

ratings are B2/B- with a stable outlook.

Swissport last tapped the loan market in

-ARCHûûWHENûITûRAISEDûAûõMûTERMû

LOANû4HATûWASûINCREMENTALûTOûAûõMû4ERMû

,OANû"ûRAISEDûINû*ULYûûTOûRElNANCEûDEBTû

following a technical breach of covenants.

3WISSPORTûINITIALLYûRAISEDûAûõMû4ERMû

,OANû"ûINûûBACKINGûITSû3&RBNû

acquisition by HNA Group from PAI

Partners.

3WISSPORTSûREVENUEûFORûTHEûlRSTûSIXû

MONTHSûOFûûROSEûûTOûõBNûFROMû

õBNûAûYEARûEARLIERû%BITDAûFORûTHEûPERIODû

ROSEûûTOûõMûFROMûõM

Swissport provides airport ground

services for 282m passengers annually and

handles approximately 4.8m tonnes of air

cargo at 115 warehouses worldwide. It

employs around 66,000 people and is active

at 310 airports in 49 countries across six

continents. In 2018, the group generated

CONSOLIDATEDûOPERATINGûREVENUEûOFûõBN

&OUNDEDûINû#HINAûINûû(.!û'ROUPû

focuses on aviation-related businesses with

assets and operations in the US, Europe and

Asia.

Cash-strapped HNA was considering a

disposal of Swissport last year but pulled

PLANSûTOûmOATûSHARESûONûTHEû3)8û3WISSû

Exchange in April 2018, citing “current

market conditions”.

INEOS ENTERPRISES ALLOCATES

DEBT PACKAGE

5+ûCHEMICALSûlRMûINEOS ENTERPRISES allocated

a dual-currency debt package that will fund

ACQUISITIONSûANDûRElNANCEûDEBT

The transaction now comprises a

53Mû4ERMû,OANû"ûAûõMû4ERMû,OANû

"ûANDûAûõMû4ERMû,OANû!

The debt priced at 400bp over Libor/

Euribor with a 99 OID.

4HEûDOLLARSûCOMEûWITHûAûû,IBORûmOORûANDû

THEûEUROûTRANCHESûCOMEûWITHûAûûmOOR

Initially, the debt was offered at 325bp-

350bp over Libor/Euribor.

Ineos also made a series of lender-friendly

changes to the documentation on the deal.

The most-favoured-nation clause is set at

50bp with a 24-month sunset and no carve-

outs.

%XCESSûCASHmOWûSWEEPûSTEP

DOWNû

thresholds have also been tightened, ticking

fees have been amended, and there is a

reduced cap on proposed cost-saving Ebitda

add-backs.

Barclays, BNP Paribas and NatWest Markets

led the transaction, while Barclays was lead-

left for the US dollar tranche.

GHD WRAPS REFINANCING

German medical homecare company GHD

HASûCOMPLETEDûAûõMûRElNANCINGûLOAN

Pricing on the seven-year loan is 400bp over

Euribor, the tight end of previous guidance of

BP

BPûWITHûAûûmOORûATûPAR

The OID was guided at 99.5 at launch.

4HEûCOMPANYûISûALSOûRAISINGûANûõMû

senior secured revolving credit facility.

Goldman Sachs, SMBC, Barclays, Mizuho and

MUFG were joint bookrunners.

Proceeds will be used to repay the

company’s existing Term Loan B and for

payment of related fees and expenses.

4HEûlRMSûPROûFORMAûNETûLEVERAGEûISûû

times based on pro forma adjusted Ebitda of

õMûINûTHEûLASTûTWELVEûMONTHSûTOû-AYû

2019.

'($ûREPRICEDûITSûõMûATûBPûOVERû

Euribor, at par in 2016.

WESSANEN CUTS PRICING

Netherlands-based sustainable food provider

WESSANEN has lowered pricing on the

lNANCINGûBACKINGûITSûACQUISITIONûBYûAû

consortium led by PAI Partners.

&INALûPRICINGûFORûTHEûCOVENANT

LITEûõMû

lRST

LIENûSEVEN

YEARûTERMûLOANûISûBPûOVERû

Euribor, lowered from initial guidance of

BP

BPûWITHûAûûmOORûANDûATûPARû

from an initial OID guidance of 99.5.