IFR 03.21.2020

International Financing Review March 21 2020 63

LOANS EMEA

Santander, Bank of Montreal, Barclays, Credit

Suisse, KfW IPEX-Bank and Natixis were lead

arrangers.

ABSA Bank, Agricultural Bank of China, Arab

Bank, Banco Sabadell, Bank of Nova Scotia,

Caixabank, DZ Bank, Goldman Sachs, Lloyds Bank

and Raiffesien Bank International were

arrangers.

Afrasia Bank, Banque de Commerce et de

Placements, Commercial Bank of Dubai, DNB

Bank, Habib Bank, Nedbank, Sumitomo Mitsui

Trust Bank, TD Securities, National Bank of Ras Al-

Khaimah, Standard Bank of South Africa, UBAF,

SMBC, Zurich Kantonalbank, Banque Cantonale

Vaudoise and Banque Internationale de

Commerce-BRED were co-arrangers.

BASIC FIT TO TAP ACCORDION

Gym operator BASIC FIT is looking to tap a

€150m accordion option on its syndicated

loan to ensure liquidity headroom after the

company temporarily closed all its clubs

because of the coronavirus.

The accordion was agreed in June 2018

when Basic Fit amended and extended its

€450m syndicated loan.

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loan and a €200m revolving credit facility,

which were extended to June 2023 with

reduced margins.

Core relationship banks ABN AMRO,

Rabobank, ING and KBC supported the

amendment, with new relationship bank

BNP Paribas joining the syndicate. Rabobank

COORDINATEDûTHEûlNANCINGûASûDOCUMENTATIONû

agent.

The company’s clubs in Belgium will

remain closed until April 3, in France and

Luxembourg clubs are closed until April 14,

clubs in the Netherlands will remain closed

until April 6, and the clubs in Spain will

open no sooner than March 27.

Basic Fit said it was not clear to what extent

the coronavirus could impact its results, with

much depending on the duration of the club

closures and further measures being taken by

various governments.

IMCD AMENDS AND EXTENDS

Chemicals distributor IMCD has amended and

extended its revolving credit facility,

increasing the facility to €500m from

€400m on reduced interest margins.

The maturity has been extended by one

year to March 27 2025.

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company said.

The RCF was originally agreed in April

2018 via coordinator Rabobank alongside

BNP Paribas, HSBC and ING Bank as

bookrunning mandated lead arrangers.

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GRANDVISION TAPS RCF

Optical retailer GRANDVISION has started

drawing on its €1.2bn revolving credit

facility, adding available liquidity to the

company as the coronavirus epidemic

impacts its sales.

A total of €385m has been drawn under

the RCF with a further €509m obtained in

SHORT

TERMûmEXIBLEûlNANCE

At February closing, GrandVision had a

net debt position of €750m with borrowings

of €894 and cash and cash equivalents of

€154m.

The continued spread of the virus has

seen all GrandVision’s stores temporarily

closed in various markets, including

Belgium, France, Italy, Poland and Spain,

while in other markets, where the

company’s stores remain fully or partially

open, sales have been impacted.

GrandVision is working to reduce

operating costs, to optimise working capital

and reduce all non-business critical capital

expenditures.

The company is also looking at the

possibility of tax payment deferrals as well

as other government relief measures such as

short-term unemployment schemes. Where

its stores have been closed the company is in

talks with landlords over lease payments.

Based on measures taken and a simulated

average revenue reduction of 30% to 60% for

an up to six-month period, the company

SAYSûITûISûCONlDENTûTHATûITûWILLûACHIEVEûAûNETû

debt position of below €1.bn at year-end

2020.

GrandVision must limit its net debt to

€993m or below as a condition of

EssilorLuxottica’s acquisition of the

COMPANYû'RAND6ISIONûISûCONlDENTûTHATûTHEû

acquisition will close within 12 to 14

months of the announcement of the

transaction in July 2019.

GrandVision’s RCF was arranged in July

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one-year extension options and has a

margin linked to the company’s

sustainability performance.

OMAN

BANK MUSCAT NETS US$650m LOAN

BANK MUSCAT has closed a US$650m three-

year senior unsecured loan facility with a

group of 20 relationship banks.

The loan was originally launched at

US$500m and was increased to US$650m

after receiving commitments of more than

US$1.2bn.

Arab Banking Corporation, Commerzbank,

First Abu Dhabi Bank, Mashreq Bank, Mizuho

Bank and Wells Fargo were lead coordinators

as well as mandated lead arrangers and

bookrunners.

Abu Dhabi Commercial Bank, Citibank, Credit

Europe Bank, Emirates NBD, Gulf International

Bank, HSBC Middle East, MUFG, National Bank of

Bahrain, National Bank of Ras Al Khaimah,

Standard Chartered Bank, State Bank of India-

WBB Bahrain and SMBC were bookrunners

and mandated lead arrangers.

Banque Misr and LBBW were lead arrangers.

First Abu Dhabi Bank is the agent bank for

the facility.

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ANDûGENERALûCORPORATEûlNANCING

Bank Muscat was last in the market in

March 2017 when it signed a US$525m

syndicated loan.

The three-year facility paid an all-in 170bp

over Libor, and was coordinated by Bank

ABC and National Bank of Abu Dhabi.

RUSSIA

EVRAZ SIGNS US$750m LOAN

Steel and mining company EVRAZ has signed

ANûUNSECUREDû53MûlVE

YEARûCREDITû

facility.

The loan was arranged and fully

underwritten by a group of 10 international

banks and is available until March 18 2021.

Proceeds will be used for general

CORPORATEûPURPOSESûINCLUDINGûRElNANCINGû

PUBLICûDEBTûMATURITIESûINûTHEûlRSTûQUARTERûOFû

2021.

Evraz has not tapped the international

syndicated loan market since August 2014,

WHENûITûSIGNEDûAû53MûlVE

YEARûPRE

export credit facility.

SWEDEN

AUTOLIV DRAWS US$500m OF RCF

Automotive safety systems company AUTOLIV

has drawn US$500m of its US$1.1bn

revolving credit facility as it looks to

mitigate the impact of the coronavirus

outbreak.

The company has seen the virus affect its

customers in Europe with plant closures in

France, Italy, Spain and Germany. The

company estimates that 63 of its customers

plants in Europe will close or have already

closed.

Autoliv intends to use US$300m of the

drawdown to repay short-term debt

maturities for the next three months. The

remainder will be used for general corporate

purposes.

The remaining US$600m of the RCF is

available for drawing.

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