2020-04-04 IFR Magazine

International Financing Review April 4 2020 81

LOANS EMEA

THREE

YEARûREVOLVINGûCREDITûFACILITYûDUEûINû

3EPTEMBER

!".û!-2/û(3"#û/#"#û"ANKûANDû

3OCIETEû'ENERALEûWEREûTHEûMANDATEDûLEADû

ARRANGERSûANDûBOOKRUNNERSûOFûTHEûû

lNANCINGûWHICHûATTRACTEDûûOTHERûLENDERSû

INûGENERALûSYNDICATION

4HEûFACILITYûWHICHûCOMESûWITHûAû

GUARANTEEûFROMûPARENTû,OUISû$REYFUSû

#OMPANYû"6ûPAIDûTOP

LEVELûALL

INûPRICINGûOFû

BPûBASEDûONûANûINTERESTûMARGINûOFûBPû

OVERû,IBOR

"ANKSûRECEIVEûAûBPûUTILISATIONûFEEûIFûLESSû

THANûAûTHIRDûOFûTHEûFACILITYûISûDRAWNûBPûIFû

nûISûDRAWNûANDûBPûIFûMOREûTHANû

TWO

THIRDSûISûDRAWN

,OUISû$REYFUSûWASûLASTûINûTHEûSYNDICATEDû

LOANûMARKETûINû!UGUSTûûWHENûITûSIGNEDû

Aû53MûSUSTAINABILITY

LINKEDûLOANûTHATû

ATTRACTEDûûLENDERSûINûGENERALûSYNDICATION

4HATûDEALûWASûAûRENEWALûOFûITSûPREVIOUSû

THREE

YEARû53Mû!SIAûREVOLVERûTHATûISû

USEDûFORûINVESTMENTSûRElNANCINGûCAPITALû

EXPENDITUREûWORKINGûCAPITALûANDûGENERALû

CORPORATEûPURPOSES

!".û!-2/û$"3û(3"#û/#"#û"ANKûANDû

5NITEDû/VERSEASû"ANKûWEREûTHEûJOINTûLEADû

arrangers and bookrunners of the

TRANSACTIONûWHICHûPAYSûANûINITIALûMARGINûOFû

BPûOVERû,IBORûPLUSûUTILISATIONûFEESûOFûBPû

FORûDRAWINGSûOFûUNDERûAûTHIRDûBPûFORû

DRAWINGSûOFûnûANDûBPûFORûDRAWINGSû

OFûOVERûTWOûTHIRDS

!".û!-2/ûANDû$"3ûACTEDûASû

SUSTAINABILITYûCOORDINATORS

,OUISû$REYFUSûISûAûCOMMODITIESûTRADINGû

ANDûPROCESSINGûCOMPANYûWITHûBUSINESSESûINû

GRAINSûOILSEEDSûSUGARûCOFFEEûCOTTONûJUICEû

RICEûANDûLOGISTICS

TAIWAN

YAGEO CLOSES US$1.1bn BRIDGE

%LECTRONICûCOMPONENTSûMAKERûYAGEO has

CLOSEDûAû53BNû

MONTHûBRIDGEûLOANû

BACKINGûITSûPROPOSEDûACQUISITIONûOFû53ûRIVALû

+EMETûWITHûFOURûLENDERSûJOININGûINûSENIORû

SYNDICATION

DBS Bank and MUFGûHAVEûJOINEDûORIGINALû

MANDATEDûLEADûARRANGERûANDûBOOKRUNNERû

CitigroupûASû-,!"SûWHILEûSMBC and Bank of

Taiwan JOINEDûTHEûDEALûASû-,!Sû#ITIGROUPû

WASûALSOûTHEûSOLEû-!ûADVISER

4HEûDEALûOFFERSûANûINTERESTûMARGINûOFûBPû

OVERû,IBOR

9AGEOSû53BNûBIDûFORû+EMETûISûAûRAREû

OUTBOUNDûACQUISITIONûFROMû4AIWAN

)Nû.OVEMBERûLASTûYEARû4AIWANûANDû.EWû

9ORK

LISTEDû9AGEOûMADEûANûOFFERûATû53û

PERû+EMETûSHAREû4HEûDEALûWOULDûRESULTûINû

COMBINEDûANNUALûREVENUESûOFûABOUTû53BN

)NûûPRIVATEûEQUITYûGIANTû++2ûû#Oû

ATTEMPTEDûTOûACQUIREû9AGEOûTHROUGHûAû

53BNûTAKE

PRIVATEûDEALûBUTûLOCALû

REGULATORSûBLOCKEDûITûCITINGûINSUFlCIENTû

PROTECTIONûOFûMINORITYûSHAREHOLDERûRIGHTSû

AMONGûOTHERûREASONS

VIETNAM

NO VA LAND DRAWS DOWN

Developer NO VA LAND INVESTMENT GROUP CORP

HASûDRAWNûDOWNûTHEûREMAININGûPORTIONûOFûAû

53MûDEBUTûLOANûSIGNEDûLASTû.OVEMBER

4HEûCOMPANYSûSECONDûDISBURSEMENTûOFû

53MûINû-ARCHûFOLLOWSûAû53Mû

DRAWDOWNûLATEûLASTûYEAR

Credit Suisse WASûTHEûORIGINALûMANDATEDû

LEADûARRANGERûANDûBOOKRUNNERûOFûTHEûTHREE

YEARûLOANûWHICHûWASûINCREASEDûFROMûANû

ORIGINALûTARGETûSIZEûOFû53M

Industrial & Commercial Bank of China,

Taichung Commercial Bank, Taiwan Business Bank

and Taiwan Cooperative Bank CAMEûINûASû

-,!"SûDURINGûSENIORûSYNDICATIONûWHILEû

NINEûOTHERSûJOINEDûINûGENERALûSYNDICATION

4HEûDEALûOFFEREDûTOP

LEVELûALL

INûPRICINGûOFû

BPûBASEDûONûANûINTERESTûMARGINûOFûBPû

OVERû,IBORûANDûANûAVERAGEûLIFEûOFûûYEARS

EUROPE/MIDDLE

EAST/AFRICA

DENMARK

CARLSBERG PUMPS UP LIQUIDITY

"REWERûCARLSBERGûHASûAGREEDûAûõMûONE

YEARû

bank loan, strengthening its balance sheet as

CONSUMERûDEMANDûISûHITûBYûGOVERNMENT

IMPOSEDûMEASURESûAIMEDûATûCONTAININGûANDû

LIMITINGûTHEûSPREADûOFûTHEûCORONAVIRUS

4HEûLOANûISûINûADDITIONûTOûTHEûCOMPANYSû

õBNûCOMMITTEDûREVOLVINGûCREDITûFACILITYûONû

WHICHûTHEûCOMPANYûHASûMADEûONLYûVERYû

LIMITEDûDRAWINGS

/Nû-ARCHûûTHEûCOMPANYûALSOûPLACEDûAû

õMû

YEARûBONDûWITHûAûCOUPONûOFû

#ARLSBERGûARRANGEDûTHEûlVE

YEARû2#&ûINû

*UNEûCOORDINATEDûBYû".0û0ARIBASûANDû

.ORDEAûTOGETHERûWITHû$ANSKEû"ANKû-5&'û

3%"ûANDû5NI#REDIT

FRANCE

SAINT-GOBAIN REDUCES RCF

#ONSTRUCTIONûMATERIALSûCOMPANYûSAINT-

GOBAINûHASûREDUCEDûTHEûõBNûREVOLVINGû

CREDITûFACILITYûANNOUNCEDûEARLIERûTHISûMONTHû

BYûõMûAFTERûISSUINGûAûõBNûBONDûTOû

REINFORCEûITSûlNANCINGûINûRESPONSEûTOûTHEû

CORONAVIRUSûPANDEMIC

4HEûBONDûCOMPRISESûAûõMûTHREE

YEARû

TRANCHEûPAYINGûAûûCOUPONûANDûAûõMû



YEARûTRANCHEûPAYINGû

GERMANY

DAIMLER LAUNCHES €12bn LOAN

!UTOMAKERûDAIMLERûHASûLINEDûUPûAûõBNû

SHORT

TERMûLOANûASûANûADDITIONALûLIQUIDITYû

BUFFERûINûRESPONSEûTOûTHEûCORONAVIRUS

4HEûlNANCINGûWHICHûISûFORûANûINITIALûû

MONTHSûWITHûTWOûADDITIONALûSIX

MONTHû

EXTENSIONûOPTIONSûISûINûADDITIONûTOûTHEû

COMPANYSûõBNûREVOLVINGûCREDITûFACILITYû

THATûHASûAûMATURITYûEXTENDIBLEûTOû

4HEûSHORT

TERMûLOANûWHICHûWASûAGREEDû

WITHûBNP Paribas, Banco Santander, Deutsche

Bank and JP Morgan on April 1, has been

LAUNCHEDûINTOûSYNDICATION

!TûTHEûENDûOFûû$AIMLERûHADûGROSSû

LIQUIDITYûOFûAROUNDûõBNûINûITSûINDUSTRIALû

BUSINESS

4HEûCOMPANYûALSOûTAPPEDûTHEû%UROBONDû

MARKETûLASTûWEEKûFORûAûõBNûlVE

YEARû

BENCHMARKûBOND

DUERR NETS SUSTAINABILITY-LINKED SSD

-ECHANICALûANDûPLANTûENGINEERINGûlRMû

DUERRûHASûPLACEDûITSûSECONDûSUSTAINABILITY

linked Schuldscheindarlehen after raising

õMûFROMûTHEûMARKET

4HEûCOMPANYûISSUEDûTHEûlRSTûEVERû

SUSTAINABILITY

LINKEDû33$ûINû*UNEûFORûõM

4HEûNEWû33$ûHASûMATURITIESûOFûlVEûSEVENû

ANDûûYEARS

4HEûlNANCINGûWHICHûPAYSûANûAVERAGEû

INTERESTûMARGINûOFûûWILLûBEûMAINLYûUSEDû

TOûREPAYûõMûOFûVARIABLE

RATEûTRANCHESûOFûAû

PREVIOUSû33$ûWHICHûWASûISSUEDûINûûATû

ANûAVERAGEûINTERESTûRATEûOFû

4HEûINTERESTûRATEûONûTHEûlNANCINGûWILLû

increase or reduce depending on Duerr’s

SUSTAINABILITYûRATINGûFROMû%CO6ADIS

The rating is based on sustainability

CRITERIAûSUCHûASû#/ûEMISSIONSûANDûWATERû

CONSUMPTIONûANDûOTHERûASPECTSûSUCHûASûFAIRû

WORKINGûRELATIONSHIPSûANDûCONDITIONSûATû

SUPPLIERS

DZ Bank, LBBW and UniCredit arranged the

lNANCINGûWHICHûWASûPARTLYûISSUEDûTHROUGHû

THEû$EBTVISIONûDIGITALûPLATFORMû

$UERRSûSUSTAINABILITYûRATINGûFROMû

%CO6ADISûROSEûTOûûPOINTSûINûûFROMûû

POINTSûINûûAFTERûTHEûCOMPANYûIMPROVEDû

INûTHEûLABOURûANDûHUMANûRIGHTSûCATEGORY

TUI UPS LIQUIDITY

Travel group TUIûHASûAGREEDûAûõBNûLOANû

WITHûSTATE

OWNEDûKfWûTOûINCREASEûITSûõBNû

9 IFR Loans 2327 p 75 - XX.indd 81 03 / 04 / 2020 19 : 26 : 35