2020-04-04 IFR Magazine

(Rick Simeone) #1
International Financing Review April 4 2020 91

LOANS LEVERAGED LOANS

3PEEDCASTûCOMPLETEDûAû53MûADD
ONû
lNANCINGûINû3EPTEMBERûûTOûHELPûFUNDûITSû
ACQUISITIONûOFû'LOBECOMM
4HEûONLYûlNANCIALûCOVENANTûINûTHEû
COMPANYSûDEBTûFACILITIESûISûAûREQUIREMENTûTOû
MAINTAINûNETûLEVERAGEûATûORûBELOWûûTIMESû
4HEûCOVENANTûONLYûAPPLIESûIFûMOREûTHANûûOFûAû
53MûREVOLVINGûCREDITûFACILITYûWASûDRAWN
3PEEDCASTSûNETûLEVERAGEûASûATû*UNEûû
ûPROûFORMAûFORûTHEûTRANSACTIONûWASûû
TIMESû%BITDA
4HEû53MûADD
ONûANDûTHEû53Mû
REVOLVERûCOMPLEMENTEDûAû53MûSEVEN
YEARû4ERMû,OANû"ûTHATû3PEEDCASTûCOMPLETEDû
INû-AYû
4HEû53Mû4,"ûHASûNOûlNANCIALû
COVENANTSûANDûOFFERSûANûINTERESTûMARGINûOFû
BPûOVERû,IBOR ûWHICHûWASûAMENDEDûFROMû
BPûINû3EPTEMBERûTHATûYEARûWHENû
3PEEDCASTûPRICEDûTHEû53MûADD
ON

WEBJET WINS WAIVER

Three lenders to travel agency WEBJET have
GRANTEDûAûWAIVERûONûAûLEVERAGEûCOVENANTû
UNTILûTHEûMIDDLEûOFûNEXTûYEAR
4HEûNEXTûCOVENANTûTESTûWILLûOCCURûONû*UNEû
û ûWITHûRESPECTûTOûFOUR
MONTHû%BITDAû
ANNUALISED ûBEFOREûTHEûUSUALû
MONTHû
TESTINGûRESUMESûFROMû$ECEMBERûû
4HEûWAIVERûRELATESûTOûTHEûTESTINGûDATESûOFû
*UNEûûANDû$ECEMBERûûTHISûYEAR
!ûNEWûCOVENANTûREQUIRINGû7EBJECTûTOû
MAINTAINûAûMINIMUMûLIQUIDITYûOFû!MûATû
ALLûTIMESûHASûBEENûADDED
4HEûCOMPANYûHASûMADEûCERTAINû
ASSUMPTIONSûRELATINGûTOûITSûRECEIVABLESû
POSITION ûANDûIFûDEFAULTûRATESûOFûITSûCUSTOMERSû
ANDûSUPPLIERSûAREûHIGHERûTHANûEXPECTEDûORû
THEIRûPAYMENTSûTAKEûLONGER ûTHATûWILLûIMPACTû
ITSûLIQUIDITYûPOSITION
4HEûCONTINUEDûSUPPORTûFROMûLENDERSû
cannot be guaranteed if there are breaches
TOûTHESEûTERMSûORûOTHERûCIRCUMSTANCESûCAUSEû
THEMûTOûRECONSIDERû7EBJETSûSOLVENCY û
CREDITWORTHINESSûORûPROSPECTSûGENERALLY

!SûOFûEND
&EBRUARY û7EBJETûHADû
BORROWINGSûOFû!M ûNETûDEBTûOFû!Mû
ANDûNON
CURRENTûLIABILITIESûOFû!M
4HEûCOMPANYûHASûLAUNCHEDûAû!Mû
EQUITYûRAISINGûTOûSTRENGTHENûITSûBALANCEû
SHEETûINûLIGHTûOFûTHEûCONTINUEDûIMPACTûOFû
#OVID
ûANDûASSOCIATEDûGLOBALûTRAVELû
RESTRICTIONSû4HEûPROCEEDSûOFûTHEûEQUITYû
RAISINGûAREûEXPECTEDûTOûBEûSUFlCIENTûTOû
provide operating costs through to the end
of the year even if strict travel restrictions
CONTINUEûSEEû%QUITIES

VIRUS FALLOUT TRIPS ABANO TAKEOVER

0RIVATEûEQUITYûlRMû"'(û#APITALûANDû/NTARIOû
4EACHERSû0ENSIONû0LANûHAVEûTERMINATEDû
THEIRûPROPOSEDûACQUISITIONûOFû.EWû:EALAND
listed dental service provider ABANO
HEALTHCARE GROUPûASûAûMATERIALûADVERSEû
CHANGEûHASûOCCURRED
No break fee is payable and both parties
have agreed they have no other liability to
EACHûOTHERûASûAûRESULTûOFûTHEûTERMINATION
4HEûMOVEûISûAûBLOWûTOûAû.:Mû
53M ûlVE
YEARûLOANûBACKINGûTHEû
proposed buyout that had been in
SYNDICATIONûSINCEû.OVEMBER
4HEûSPONSORSûWEREûACQUIRINGû!BANOûVIAûANû
entity called ADAMS NZ BIDCO for an enterprise
VALUEûOFû.:M

BROOKFIELD NETS THREE MORE BANKS

4HREEûMOREûBANKSûHAVEûJOINEDûTHEû!BNû
LOANûBACKINGû"ROOKlELDû0ROPERTYû'ROUPSû
ACQUISITIONûOFû!USTRALIANûRETIREMENTûVILLAGEû
operator AVEO GROUP
China Minsheng Bank, State Bank of India and
Tai Fung BankûJOINEDûINûTHEûSECONDûPHASEûOFû
SYNDICATIONûFORûTHEûlVE
YEARûSENIORûSECUREDû
LOAN ûWHICHûWASûLAUNCHEDûINû*ANUARY
%IGHTûBANKSûJOINEDûINûTHEûlRSTûPHASEûOFû
SYNDICATIONûTHATûWASûLAUNCHEDûINû/CTOBERû
Bank of Baroda, Bank of Queensland, China
Everbright Bank, Commonwealth Bank of

Australia, Eastspring Investments, First
Commercial Bank, Metrics Credit Partners and
National Australia Bank
ANZ, Bank of China and Barclays are the
MANDATEDûLEADûARRANGERS ûBOOKRUNNERSû
ANDûUNDERWRITERSûOFûTHEûDEAL ûWHICHû
COMPRISESûAû!MûTERMûLOANûCASHû
ADVANCEûlNANCINGû&ACILITYû! ûAû!Mû
REVOLVINGûCREDITûPORTIONû&ACILITYû" ûANDûAû
!MûREVOLVINGûWORKINGûCAPITALû
TRANCHEû&ACILITYû# 
/NLYû&ACILITIESû!ûANDû" ûWHICHûOFFERû
INTERESTûMARGINSûOFûBPûOVERû""39 ûWEREû
SYNDICATED
&ACILITYû!ûWILLûBEûUSEDûFORûFUNDINGûTHEû
ACQUISITIONûANDûASSOCIATEDûCOSTSûANDûFORû
RElNANCINGû!VEOSûEXISTINGûDEBTû&ACILITYû"û
WILLûGOûTOWARDSûCURRENTûCONSTRUCTIONû
PROJECTSûAND ûALONGûWITHû&ACILITYû# ûMAYû
ALSOûBEûMADEûAVAILABLEûTOûCERTAINûUNITSûOFû
!VEO
HYDRA RL BIDCO, an entity controlled by
#ANADIANûINVESTMENTûlRMû"ROOKlELDû!SSETû
-ANAGEMENTûONûBEHALFûOFûITSûMANAGEDû
FUNDS ûIMPLEMENTEDûAûSCHEMEûOFû
ARRANGEMENTûONû.OVEMBERûûRELATINGûTOû
THEûACQUISITIONûOFû!VEO

TRIMCO A&E, SML SALE HIT SNAGS

4HEûPLANNEDûAMENDMENTûANDûEXTENSIONûOFûAû
53MûLOANûFORûGARMENTûLABELûMAKERû
TRIMCO INTERNATIONAL HOLDINGS is delayed as
LENDERSûAWAITûTHEûRELEASEûOFûTHEûCOMPANYSû
LATESTûlNANCIALS
4HEûFASHIONûLABELûMAKERSûEARNINGSûANDû
%BITDAûPROJECTIONSûFORûTHEûlRSTûQUARTERûOFûû
AREûEXPECTEDûTOûTAKEûAûHITûASûAûRESULTûOFûTHEû
CORONAVIRUSûPANDEMICûWITHûAûDROPûINûDEMANDû
FROMûRETAILûCLIENTS ûWHICHûHAVEûTEMPORARILYû
closed stores and shut factories in a bid to help
CONTAINûTHEûSPREADûOFû#OVID

(ONGû+ONGûREPORTEDûAûûDROPûINûRETAILû
SALESûINû*ANUARYû#HINAûREGISTEREDûûANDû
ûYEAR
ON
YEARûDECLINESûINûGARMENTûRETAILû
SALESûINû*ANUARYûANDû&EBRUARY ûRESPECTIVELY û

US LEVERAGED LOANS
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)

Excluding Project Finance.

Source: Refinitiv SDC code: P2

1 BofA Securities 176 31,081.87 10.9
2 JP Morgan 128 25,160.31 8.8
3 Citigroup 87 22,290.79 7.8
4 Wells Fargo 99 17,797.78 6.2
5 Credit Suisse 68 17,792.56 6.2
6 Goldman Sachs 97 17,730.81 6.2
7 Barclays 82 14,113.77 4.9
8 Morgan Stanley 49 12,475.03 4.4
9 Jefferies 43 10,152.92 3.6
10 RBC 58 10,057.56 3.5
Total 511 285,921.91

EUROPEAN LEVERAGED LOANS
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)

Excluding project finance. Western Europe only included.

(^) Source: Refinitiv SDC code: P10
1 Barclays 17 3,629.43 10.4
2 JP Morgan 17 2,749.31 7.8
3 Deutsche Bank 18 2,731.58 7.8
4 BNP Paribas 14 2,147.47 6.1
5 Goldman Sachs 14 2,047.58 5.8
6 NatWest Markets 12 1,638.44 4.7
7 HSBC 10 1,521.25 4.3
8 Credit Suisse 13 1,410.77 4.0
9 Sumitomo Mitsui 6 1,379.63 3.9
10 Morgan Stanley 7 1,276.27 3.6
Total 51 35,023.88
EMEA SPONSORED
BOOKRUNNERS: 1/1/2020–31/3/2020
Europe, Middle East, Africa
Managing No of Total Share
bank or group issues US$(m) (%)
Excluding project finance.
Source: Refinitiv SDC code: P13
1 Deutsche Bank 12 1,826.85 7.9
2 Barclays 10 1,520.78 6.6
3 BNP Paribas 10 1,477.28 6.4
4 JP Morgan 10 1,377.85 6.0
5 Credit Suisse 12 1,376.64 6.0
6 Morgan Stanley 6 1,242.14 5.4
7 Goldman Sachs 9 1,139.93 4.9
8 SG 6 1,097.46 4.8
9 HSBC 7 1,061.41 4.6
10 Sumitomo Mitsui 5 1,060.47 4.6
Total 29 23,045.15
9 IFR Loans 2327 p 75 - XX.indd 91 03 / 04 / 2020 19 : 26 : 37

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