68 International Financing Review March 21 2020Wells Fargo are lead arrangers and
bookrunners.
The RCF matures in August 2022.
The airline withdrew its previous 2020
lNANCIALûGUIDANCE ûCITINGûAûRAPIDLYûCHANGINGû
environment due to the coronavirus
outbreak. The company experienced a
dramatic decline in passenger bookings in
March and for the second quarter of 2020
and an unprecedented increase in close-in
trip cancellations.
The company’s unrestricted cash balance
is approximately US$6.2bn.
Southwest is rated BBB+ by S&P and A– by
Fitch.TRAVEL FIRMS DRAW RCFSOnline travel booking company EXPEDIA has
DRAWNûDOWNû53BNûUNDERûITSûlVE
YEARû
revolving credit agreement, while leisure
company MARRIOTT VACATIONS WORLDWIDE has
drawn down on the remainder of its
53MûlVE
YEARû2#&ûASûAûPRECAUTIONARYû
measure to provide increased liquidity and
PRESERVEûlNANCIALûmEXIBILITYûINûLIGHTûOFûTHEû
coronavirus outbreak.
Expedia’s RCF is for US$2bn and matures
on May 31 2023.
Pricing on the revolving credit, which is
based on the company’s debt ratings, is
currently 112.5bp over Libor and a 15bp
commitment fee on undrawn amounts.
Expedia is rated BBB by S&P and Baa3 by
Moody’s.
Marriott Vacations said it was drawing
down on the facility to increase its cash
POSITIONûANDûPRESERVEûlNANCIALûmEXIBILITY
The company also withdrew its 2020
outlook due to the impact of the coronavirus
pandemic.
The revolving credit facility was signed in
August 2018. JP Morgan, Bank of America,
SunTrust Robinson Humphrey, Deutsche Bank,
Wells Fargo and Credit Suisse were joint lead
arrangers and bookrunners.During 2019, the company borrowed
US$585m under the revolving credit facility
to fund short-term working capital needs, of
which US$555m was repaid during 2019.
The company also has a US$900m term
loan, which matures on August 31 2025.
Marriott Vacations Worldwide is rated BB
by S&P.VENTAS DRAWS RCFReal estate investment trust VENTAS has
drawn down US$2.75bn of its US$3bn four-
year revolving credit facility.
The company, which has a focus on senior
HOUSING ûMEDICALûOFlCES ûUNIVERSITYûANDû
healthcare properties, drew down on the
credit as a “precautionary measure” in light
of the coronavirus outbreak in an effort to
maintain “a strong balance sheet, liquidity
ANDûlNANCIALûmEXIBILITYv ûTHEûBORROWERûSAID
The company also withdrew its previous
ûlNANCIALûGUIDANCEûDUEûTOûTHEûPOTENTIALû
impact of the virus.
Bank of America is the administrative agent,
while JP Morgan is the syndication agent on the
RCF, which matures on April 25 2021.
Ventas is rated BBB+ by S&P and Fitch.ALLIANCE RESOURCE NETS RCFCoal company ALLIANCE RESOURCE PARTNERS has
signed a US$537.75m four-year revolving
credit facility.
The revolver replaces a US$494.75m revolving
credit facility that matures on May 23 2021.
JP Morgan is administrative agent on the
lNANCING ûANDûLEADûARRANGERûANDû
bookrunner with Citigroup, PNC, Bank of
Oklahoma and SunTrust Robinson Humphrey.
Pricing on the loan is linked to the
COMPANYSûDEBT
TO
CASHmOWûRATIOû&ORûû
times or more the margin is 285bp over
Libor; for 1.0–1.5 times it is 260bp; for 0.5–
1.0 times it is 235bp; and for lower than 0.5
times it is 200bp.The loan pays an annual commitment fee
of 35bp on the undrawn portion of the
revolving credit facility.
Alliance Resource Partners is rated BB+ by
S&P and BBB– by Fitch.FORD TO DRAW ON RCFSFORD said it would draw down US$15.4bn
from two of its existing credit lines and
suspend dividend to preserve cash as it
battles a hit to its business from the fast-
spreading coronavirus.
The carmaker, which also withdrew its
ûlNNACIALûFORECAST ûSAIDûTHEûADDITIONALû
cash from the borrowings would be used to
offset the temporary working capital
impacts of the coronavirus-related
production shut downs and to preserve.TJX TAPS RCFSDiscount retailer company TJX COMPANIES, known
for TJ Maxx and HomeGoods stores, has drawn
down US$1bn on its revolving credit facilities.
The company drew the full amount of its
revolving credit lines to strengthen its
lNANCIALûPOSITIONûANDûBALANCEûSHEET ûANDû
MAINTAINûlNANCIALûLIQUIDITYûANDûmEXIBILITY
As of December 2019, TJX had two US$500m
revolving credit facilities. One matures in
March 2022 and one matures in May 2024.
Both revolving credit facilities require
quarterly payments of 6bp on committed
amounts, based on the company’s credit
ratings. TJX must maintain a ratio of funded
debt to Ebitda of no more than 3.35 times.
4HEûCOMPANYûWITHDREWûITSûlRSTûQUARTERû
ANDûFULL
YEARûlSCALûûlNANCIALûGUIDANCEû
due to uncertainty stemming from the
coronavirus pandemic.
The company has closed all of its stores in
the US, Canada, Europe and Australia for
two weeks. It is also suspending its share
repurchase programme.
TJX Companies is rated A+ by S&P.EUROPEAN LEVERAGED LOANS
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)Excluding project finance. Western Europe only included.(^)
Source: Refinitiv SDC code: P10
1 JP Morgan 13 2,297.62 12.2
2 Deutsche Bank 11 1,892.96 10.0
3 SG 6 1,321.43 7.0
4 Goldman Sachs 7 1,150.60 6.1
5 Citigroup 5 806.83 4.3
6 Barclays 5 772.58 4.1
7 HSBC 5 733.84 3.9
8 Credit Suisse 6 727.85 3.9
9 BofA Securities 5 688.04 3.6
10 Santander 4 642.37 3.4
Total 24 18,898.34
EMEA SPONSORED LOAN BOOKRUNNERS
BY VOLUME: 1/1/2020 TO DATE
Europe, Middle East, Africa
Managing No of Total Share
bank or group issues US$(m) (%)
Excluding project finance.
Source: Refinitiv SDC code: P13
1 SG 5 1,092.12 8.4
2 JP Morgan 8 1,073.81 8.3
3 Deutsche Bank 7 1,069.18 8.2
4 Citigroup 5 806.83 6.2
5 Goldman Sachs 6 765.90 5.9
6 Credit Suisse 6 727.85 5.6
7 Barclays 4 680.19 5.2
8 UBS 3 612.76 4.7
9 Morgan Stanley 4 607.37 4.7
10 Credit Agricole 5 581.68 4.5
Total 13 12,998.06
US LEVERAGED LOANS
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
Excluding Project Finance.
Source: Refinitiv SDC code: P2
1 BofA Securities 140 23,829.15 9.5
2 JP Morgan 110 22,625.02 9.0
3 Citigroup 77 20,698.54 8.2
4 Credit Suisse 59 16,947.46 6.7
5 Goldman Sachs 88 15,756.60 6.3
6 Wells Fargo 85 15,124.57 6.0
7 Barclays 70 11,641.18 4.6
8 Morgan Stanley 44 10,636.51 4.2
9 Jefferies 42 10,096.92 4.0
10 RBC 53 9,160.34 3.6
Total 440 251,979.98
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