IFR 03.08.2019

LOANS LEVERAGED LOANS

Apart from the term loan, the buyout
lNANCINGûALSOûINCLUDESûAûõMû
YEARû
REVOLVINGûCREDITûFACILITYûANDûAûõMûEIGHT
year second-lien pre-placed term loan. The
2#&ûINCLUDESûAûSPRINGINGûCOVENANT
Credit Suisse and Deutsche Bank were global
coordinators, while ABN AMRO, Banca IMI,
Natixis and SMBC were bookrunners.
In April, a consortium comprising
PRIVATEûEQUITYûlRMû0!)û0ARTNERSûANDû
Charles Jobson agreed to acquire
7ESSANENûFORûõM
&OLLOWINGûTHEûCOMPLTIONûOFûTHEû
transaction, PAI will hold around 62% in the
consortium and Charles Jobson will hold
around 38%.

TIPICO UPS DIVIDEND TERM LOAN

German sports betting group TIPICO has
INCREASEDûITSûDIVIDENDûTERMûLOANûBYûõMûTOû
õM
&INALûPRICINGûFORûTHEûlVE
YEARûLOANûISû
400bp over Euribor, the high end of
GUIDANCEûOFûBPnBP ûWITHûAûûmOORû
and an OID of 99.75, tightened from 99.5 at
launch.
The upsize will bring 0.1 times additional
LEVERAGEûTOûTHEûlRM
Morgan Stanley was sole global coordinator
and bookrunner.
Corporate ratings are B2/B.
Part of the proceeds will be used for a
franchisee acquisition and related fees and
expenses, but the majority will be used as
the third dividend payout to shareholder
CVC.
!PARTûFROMûTHEûPROCEEDS ûAROUNDûõMû
of cash on balance sheet will be also used as
dividend distribution, bringing total
SHAREHOLDERûPAYMENTSûTOûMOREûTHANûõBNû
since the company’s private equity buyout
in 2016, banking sources said.
CVC’s acquisition of a majority stake in
4IPICOûINûûWASûlNANCEDûWITHûAROUNDû
õMûOFûEQUITYûANDûõMûOFûLEVERAGEDû
loans.
#6#ûTOOKûITSûlRSTûDIVIDENDûINû*ULYû û
AFTERûRAISINGûAûõMûADD
ONûTERMûLOANû)Tû
then took a second shareholder distribution
INû/CTOBERûûOFûAROUNDûõM ûUSINGû
cash on the balance sheet.
After the current dividend, CVC will no
longer have an equity stake in the business.
3EPARATELY ûTHEûlRMûHASûREPRICEDûITSû
existing euro-denominated Term Loan B to
375bp over Euribor, the wide end of
guidance of 350bp–375bp. The deal
originally priced at 350bp over Euribor.
Investors were offered a 25bp consent fee
for the repricing, higher than the 12.5bp fee
at initial launch.
The company operates online and mobile
portals, as well as more than 1,000 betting
shops.

MELITA SEALS BUYOUT LOAN

Maltese mobile operator MELITA has lowered

PRICINGûONûAûõMûTERMûLOANû"ûBACKINGûITSû

acquisition by EQT Infrastructure.

The seven-year covenant-lite TLB priced at

400bp over Euribor, from 425bp-450bp

GUIDANCEûATûLAUNCHûWITHûAûûmOORûATûPARû

tightened from 99 guidance.

It includes 101 soft call for six months.

Credit Suisse and HSBC LEDûTHEûlNANCING

Issue ratings are B+/B/B3, while corporate

ratings are B/B/B3.

In May, EQT said it was buying Melita

FROMû!PAXû0ARTNERSûANDû&ORTINOû#APITAL

Melita focuses on providing broadband

services for households and small

BUSINESSESûMOBILEûANDûlXEDûTELEPHONYûASû

well as TV services.

Melita last appeared in the loan market in

*ULYûûWHENûITûTRIEDûTOûRAISEûAûõMûALL

senior debt package backing its merger with

Vodafone Malta. But the deal did not

materialise after the merger was called off

when the companies were unable to meet

competition authority requirements.

4HATûDEALûINCLUDEDûAûSEVEN

YEARûõMû

TERMûLOANû"ûANDûAûõMûREVOLVINGûCREDITû

facility. They were both guided at 375bp

OVERû%URIBORûWITHûAûûmOORûWITHûANû/)$ûOFû

99-99.50 on the term loan B. That deal also

INCLUDEDûANûEIGHT

YEARûõMûTERMûLOANû#

ETRAVELI SEALS ADD-ON, REPRICES

Swedish online travel agency ETRAVELI has

PRICEDûAûõMûADD

ONûANDûTHANKSûTOûAû

positive response to the deal has also

REPRICEDûITSûEXISTINGûõMûTERMûLOANû"

4HEûINCREMENTALûlRST

LIENûTERMûLOANû"û

lNALISEDûATûBPûWITHû%URIBORûTIGHTENEDû

FROMûGUIDANCEûOFûBPûWITHûAûûmOORûANDû

at par. The OID launched at 99.75.

4HEûISSUERûHASûALSOûREPRICEDûITSûõMû

term loan B to 425bp over Euribor from

475bp.

The maturity on the add-on and the

existing term loan is August 2024.

Credit Suisse, Jefferies and UBS were the joint

bookrunners. Credit Suisse is also facility

agent.

Etraveli, which was acquired by CVC for

MOREûTHANûõMûINûûANDûSUBSEQUENTLYû

acquired Greek peer e-Travel, agreed to buy

#ANADIANûBASEDûAIRûTECHûlRMû4RIP3TACKûANDû

ONLINEûTRAVELûAGENCYû&LIGHTû.ETWORK

Proceeds of the add-on will be used to

lNANCEûTHEûACQUISITIONS

4HEûlRMûLASTûTAPPEDûTHEûLOANûMARKETûINû

ûWHENûITûSECUREDûTHEûõMûTERMûLOANû

backing its acquisition by CVC.

HSE24 WITHDRAWS A&E

German home shopping network HSE24 has

withdrawn an amendment and extension

EXERCISEûONûõMûOFûTERMûLOANSûBECAUSEûOFû

a lack of investor support.

The issuer originally planned to merge an

EXISTINGûõMûTERMûLOANû"ûANDûAûõMû

TERMûLOANû#ûINTOûAûõMûTERMûLOANû$ûANDû

extend the loans to September 2023.

The margin for the combined loan was

GUIDEDûATûBPûOVERû%URIBORûWITHûAûûmOORû

and at an 99.5 OID.

The margin was higher than the TLB3,

which paid margin of 450bp, and also the

4,#ûTHATûPRICEDûATûBPûWITHûAûûmOORûANDû

at 99.5 OID in 2016.

Bank of American Merrill Lynch, BNP Paribas,

ING and Unicredit were the bookrunners.

HSE24 is majority owned by Providence

Equity Partners. It has a TV network

reaching viewers in Germany, Austria,

Switzerland, Italy and Russia.

ION SECURED PRIVATE DEBT

)RISHûSOFTWAREûlRMûION GROUP secured private

debt commitments in mid-July to fund its

ACQUISITIONûOFûlNANCIALûMEDIAûANDûDATAûlRMû

Acuris.

EUROPEAN LEVERAGED LOANS

BOOKRUNNERS: 1/1/2019 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 JP Morgan 26 5,732.93 7.9

2 Credit Agricole 25 5,062.35 7.0

3 Goldman Sachs 24 4,610.00 6.4

4 BNP Paribas 26 4,442.42 6.2

5 Deutsche Bank 26 3,732.20 5.2

6 Barclays 22 3,634.31 5.0

7 Natixis 22 3,199.59 4.4

8 RBC 9 3,009.84 4.2

9 ING 22 2,659.53 3.7

10 SG 14 2,629.24 3.6

Total 112 72,224.53

Excluding project finance. Western Europe only included.

Source: Refinitiv SDC code: P10

EMEA SPONSORED LOAN BOOKRUNNERS

BY VOLUME: 1/1/2019 TO DATE

Europe, Middle East, Africa

Managing No of Total Share

bank or group issues US$(m) (%)

1 Credit Agricole 21 3,698.31 9.2

2 Deutsche Bank 24 3,432.96 8.6

3 JP Morgan 16 3,225.00 8.1

4 Natixis 19 2,404.58 6.0

5 Goldman Sachs 16 2,283.03 5.7

6 BNP Paribas 16 1,910.59 4.8

7 ING 11 1,801.44 4.5

8 SG 11 1,747.32 4.4

9 Credit Suisse 9 1,426.46 3.6

10 RBC 7 1,328.08 3.3

Total 69 39,986.50

Excluding project finance.

Source: Refinitiv SDC code: P13