2020-04-04 IFR Magazine

International Financing Review April 4 2020 87

LOANS NORTH AMERICA

4HEûORIGINALûCREDITûFACILITYûCOMPRISEDûAû

53BNûREVOLVERûDUEû-ARCHûûAû

53BNûTERMûLOANûDUEû-ARCHûûANDûAû

53MûTERMûLOANûDUEû-ARCHûû4HEû

COMPANYûEARLIERûTHISûYEARûSAIDûITûPAIDûDOWNû

53MûONûTHEûûTERMûLOAN

5NDERûTHEûAMENDMENTûTHEûREVOLVERûWASû

DOWNSIZEDûBYû53MûTOû53BNû4HEû

REVOLVERûHASûAû

MONTHûEXTENSIONûOPTIONûTOû

PUSHûTHEûlNALûMATURITYûTOû-ARCHûû4HEû

FACILITYSû53MûMULTI

CURRENCYû

BORROWINGûSUB

LIMITûREMAINSûUNCHANGED

4HEûREVOLVERSûINTERESTûRATEûMARGINûWHICHû

ISûBASEDûONû#YRUS/NESûCURRENTûLEVERAGEû

LEVELûWASûDECREASEDûBYûBPûTOûBPûOVERû

,IBORû4HEûANNUALûFEEûISûBP

4HEû53MûûTERMûLOANûWASû

DOWNSIZEDûTOû53MûANDûTHEûMARGINûWASû

TIGHTENEDûBYûBPûTOûBPûOVERû,IBORû4HEû

AMENDMENTûINCLUDESûTWOû

MONTHû

EXTENSIONûOPTIONSûWHICHûWOULDûPUSHûTHEû

lNALûMATURITYûOFûTHEûLOANûTOû-ARCHû

4HEû53MûûTERMûLOANûWASûUPSIZEDû

TOû53MûANDûTHEûMARGINûWASûTIGHTENEDû

BYûBPûTOûBPûOVERû,IBOR

4HEûCREDITûAGREEMENTûALSOûCONTAINSûANû

ACCORDIONûFEATUREûTHATûALLOWSû#YRUS/NEûTOû

OBTAINûUPûTOû53BNûINûADDITIONALû

REVOLVINGûORûTERMûLOANûCOMMITMENTS

*0û-ORGANûISûADMINISTRATIVEûAGENTûANDû

JOINTûLEADûARRANGERû+EY"ANKû-ORGANû

3TANLEYû2"#û#APITALû-ARKETSûANDû4$û

3ECURITIESûAREûALSOûJOINTûLEADûARRANGERS

#YRUS/NEûMANAGEMENTûSAIDûITûSAWûLIMITEDû

CURRENTûIMPACTûFROMûTHEûCORONAVIRUSûSPREAD

4HEûCOMPANYûSAIDûTHATûDATAûCENTREû

operations and construction had been

DEEMEDûESSENTIALûACTIVITIESûMEANINGûITûCANû

CONTINUEûTHESEûPROCESSESûEVENûAMIDûSHELTER

IN

PLACEûORDERSûANDûOTHERûBANSûONûACTIVITIES

KOHL’S DRAWS DOWN

$EPARTMENTûSTOREûCHAINûKOHL’SûHASûDRAWNû

DOWNûITSûENTIREû53BNûlVE

YEARûREVOLVINGû

CREDITûFACILITY

4HEûREVOLVERûMATURESûONû*UNEûû

Wells Fargo ISûTHEûADMINISTRATIVEûAGENTûONû

THEûLOANûBank of America, JP Morgan, MUFG

and US BankûAREûSYNDICATIONûAGENTS

4HEûCOMPANYûBORROWEDûFROMûTHEûREVOLVERû

to increase its cash position and preserve

lNANCIALûmEXIBILITYûINûLIGHTûOFûUNCERTAINTYûINû

GLOBALûMARKETSûRESULTINGûFROMûTHEû

CORONAVIRUSûPANDEMIC

)NûADDITIONûTOûDRAWINGûDOWNûONûTHEû

REVOLVERûTHEûCOMPANYûISûTEMPORARILYû

suspending share repurchases and

EVALUATINGûITSûDIVIDENDûPROGRAMMEûAMONGû

OTHERûMEASURES

0RICINGûISûTHEû2#&ûUSESûAûRATINGS

BASEDûGRIDû

ANDûRANGESûFROMûBPûOVERû,IBORûWITHûAûBPû

FACILITYûFEEûTOûBPûWITHûAûBPûFEE

+OHLSûISûRATEDû"""

ûBYû30ûANDû"AAûBYû

-OODYS

3UPERMARKETûFOODûMANUFACTURERûKROGER

HASûDRAWNûDOWNû53BNûUNDERûITSû

53BNûlVE

YEARû2#&

4HEûCOMPANYûBORROWEDû53BNûASûAû

PRECAUTIONARYûMEASUREûTOûPRESERVEûlNANCIALû

mEXIBILITYûANDûTOûREDUCEûRELIANCEûONûTHEû

COMMERCIALûPAPERûMARKETûANDûMAINTAINû

LIQUIDITYûINûRESPONSEûTOûTHEûCORONAVIRUSû

PANDEMICûTHEûCOMPANYûSAID

4HEûREVOLVERûMATURESûONû!UGUSTûû

Bank of America and Wells Fargo AREûCO

ADMINISTRATIVEûAGENTSûCitigroup is

syndication agent, and Mizuho Bank and US

Bank AREûCO

DOCUMENTATIONûAGENTS

0RICINGûISûONûAûRATINGS

BASEDûGRIDûRANGINGû

FROMûBPûOVERû,IBORûWITHûAûBPû

COMMITMENTûFEEûTOûBPûWITHûAûBPûFEE

+ROGERûISûRATEDû"""ûBYû30ûANDû"AAûBYû

-OODYSû

)NSURANCEûCOMPANYûENSTARûHASûDRAWNû

53MûOFûITSû53MûUNSECUREDû2#&

4HEûCOMPANYûDREWûDOWNû53MûOFûTHEû

FACILITYûONû-ARCHûûTOûMAXIMISEûITSûlNANCIALû

mEXIBILITYûDURINGûTHEûCORONAVIRUSûPANDEMIC

%NSTARûHASûDRAWNûAûFURTHERû53MûOFû

THEûFACILITYûTOûlNANCEûCOLLATERALûANDûCAPITALû

REQUIREMENTSûFORû53ûSUBSIDIARYû#LARENDONSû

AGREEMENTûWITHû,YFTûANDû:URICHû.ORTHû

!MERICAûTOûREINSUREûLEGACYûAUTOMOBILEû

BUSINESSûPREVIOUSLYûUNDERWRITTENûBYû:URICH

4HEûlVE

YEARû2#&ûWASûPUTûINûPLACEûINû!UGUSTû

ûANDûAMENDEDûINû$ECEMBERû

National Australia Bank, Barclays and Wells

Fargo WEREûLEADûARRANGERSûANDûBOOKRUNNERSû

ONûTHEû2#&

MONDELEZ NETS US$1.75bn

&OODSûMANUFACTURERûMONDELEZ INTERNATIONAL

HASûSIGNEDûAû53BNû

DAYûREVOLVINGû

CREDITûAGREEMENT

Citigroup ISûTHEûADMINISTRATIVEûAGENTûANDû

LEADûARRANGERûANDûBOOKRUNNERûWITHûBBVAû

Morgan Stanley, TD Securities and US Bank are

CO

DOCUMENTATIONûAGENTS

0RICINGûISûONûAûRATINGS

BASEDûGRIDû&ORû!!û

ORûHIGHERûTHEûMARGINûISûBPûOVERû,IBORûWITHû

AûBPûFACILITYûFEEûFORû!

!ûITûISûBPûANDû

BPûFORû""""AAûITûISûBPûANDûBPûFORû

""""AAûITûISûBPûANDûBPûANDûFORû

LOWERûTHANû""""AAûITûISûBPûANDûBP

-ONDELEZû)NTERNATIONALûISûRATEDû"""ûBYû

30û"AAûBYû-OODYSûANDû"""ûBYû&ITCH

/Nû-ARCHûûTHEûCOMPANYûSIGNEDûAû

53BNû

DAYûREVOLVINGûCREDITûFACILITY

4HEûCOMPANYûALSOûHASûAû53BNûlVE

YEARûCREDITûFACILITYûMATURINGûONû&EBRUARYûû



JACOBS SIGNS US$1bn TERM LOAN

#ONSTRUCTIONûSERVICESûGROUPûJACOBS

ENGINEERINGûHASûSIGNEDûAû53BN

EQUIVALENTû

lVE

YEARûTERMûLOANûTHATûWILLûBEûUSEDûFORû

GENERALûCORPORATEûPURPOSES

*ACOBSû%NGINEERINGûWILLûDRAWû53Mû

UNDERûTHEûFACILITYûWHILEûSUBSIDIARYû*ACOBSû5+û

WILLûDRAWûaM

4HEûlNANCINGûPAYSûBP

BPûOVERû

,IBORûDEPENDINGûONûCONSOLIDATEûLEVERAGEû

&ORûUNDERûûTIMESûITûISûBPûOVERû,IBORû

FORû

ûTIMESûITûISûBPûFORû

ûTIMESû

ITûISûBPûFORû

ûTIMESûITûISûBPû

ANDûFORûOVERûûTIMESûITûISûBP

Bank of America WASûADMINISTRATIVEûAGENTû

ANDûCO

SYNDICATIONûAGENTûLEADûARRANGERûANDû

BOOKRUNNERûWITHûBNP Paribas and Wells Fargo

Bank of Nova Scotia, Goldman Sachs, HSBC,

ICBC, PNC Bank, TD Bank, Truist Bank and US

Bank WEREûCO

DOCUMENTATIONûAGENTS

BMO, JP Morgan, Morgan Stanley and NatWest

ALSOûPARTICIPATED

NORFOLK SOUTHERN SIGNS

Ground freight and logistics holding

COMPANYûNORFOLK SOUTHERN signed a

53MûlVE

YEARûREVOLVINGûCREDITû

AGREEMENT

Wells Fargo ISûTHEûADMINISTRATIVEûAGENTû

Citigroup and Bank of America are syndication

AGENTSûONûTHEûLOAN

US AND CANADA LOANS BOOKRUNNERS –

FULLY SYNDICATED VOLUME

BOOKRUNNERS: 1/1/2020–31/3/2020

Managing No of Total Share

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

Proportional credit

Source: Refinitiv SDC code: R9

1 BofA Securities 289 81,099.96 13.2

2 JP Morgan 238 77,623.30 12.7

3 Citigroup 154 53,532.20 8.7

4 Wells Fargo 195 44,040.31 7.2

5 Morgan Stanley 60 23,661.58 3.9

6 Credit Suisse 79 23,354.71 3.8

7 Goldman Sachs 108 20,481.61 3.3

8 RBC 98 19,727.24 3.2

9 Barclays 108 19,497.31 3.2

10 BMO 99 15,962.55 2.6

Total 935 613,054.35

AMERICAS LOANS BOOKRUNNERS – FULLY

SYNDICATED VOLUME

BOOKRUNNERS: 1/1/2020–31/3/2020

Managing No of Total Share

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

Proportional credit

Source: Refinitiv SDC code: R7

1 BofA Securities 290 81,184.96 13.1

2 JP Morgan 240 77,739.96 12.6

3 Citigroup 154 53,532.20 8.7

4 Wells Fargo 195 44,040.31 7.1

5 Morgan Stanley 61 23,746.58 3.8

6 Credit Suisse 80 23,421.38 3.8

7 Goldman Sachs 109 20,566.61 3.3

8 RBC 98 19,727.24 3.2

9 Barclays 108 19,497.31 3.2

10 BMO 99 15,962.55 2.6

Total 945 617,730.46

9 IFR Loans 2327 p 75 - XX.indd 87 03 / 04 / 2020 19 : 26 : 36