68 International Financing Review March 7 2020
)LIMû'ROUPûHASûTHREEûPULPûANDûPAPERûMILLSû
INû2USSIAûWHICHûPRODUCEûMOREûTHANûûOFû
ALLûDOMESTICALLYûPRODUCEDûMARKETûPULPûû
OFûBOARDûANDûûOFûPAPER
)Nûû)LIMû'ROUPSûPARENTû)LIMû3!û
BECAMEûAûûJOINTûVENTUREûBETWEENû
2USSIANûSHAREHOLDERSûANDûSTRATEGICûPARTNERû
)NTERNATIONALû0APERûTHEûWORLDSûLARGESTûPULPû
ANDûPAPERûCOMPANYûBYûREVENUEûWHICHûISû
RATEDû"AA"""ûBYû-OODYSûANDû30
SAUDI ARABIA
FAWAZ ABDULAZIZ ALHOKAIR TAPS
Retail group FAWAZ ABDULAZIZ ALHOKAIR has
SIGNEDûAû53MûlNANCINGûFACILITYûWITHûAû
GROUPûOFûLOCALûBANKS
4HEûLOANûISûDIVIDEDûBETWEENûAûSEVEN
YEARû
)SLAMICûTERMû-URABAHAûFACILITYûWHICHûHASûAû
ONE
YEARûGRACEûPERIODûANDûAûTHREE
YEARû
REVOLVINGûCREDITûFACILITY
4HEûBANKûGROUPûINCLUDESûAl Rajhi Banking
and Investment CorpûNational Commercial Bankû
Samba Financial GroupûArab National Bankû
Mashreqbank ANDûAbu Dhabi Islamic Bank
4HEû-URABAHAûTERMûFACILITYûWILLûBEûUSEDû
REPAYûDEBTûANDûTHEû2#&ûWILLûBEûUSEDûFORû
GENERALûCORPORATEûANDûWORKINGûCAPITALû
PURPOSES
The company was last in the loan market
INû-AYûûWHENûITûRAISEDûAû32BNû
53M û)SLAMICûLOANû4HEûLEADûARRANGERSû
ONûTHATûDEALûWEREû!BUû$HABIû)SLAMICû"ANKû
.ATIONALû#OMMERCIALû"ANKûANDû3AMBAû
&INANCIALû'ROUP
TURKEY
AKBANK RETURNS WITH US$600m LOAN
AKBANKûISûRAISINGûAû53M
EQUIVALENTû
DAYûDUAL
CURRENCYûLOANûRETURNINGûTOûTHEû
SYNDICATEDûLOANSûMARKETûAFTERûlVEûMONTHS
Abu Dhabi Commercial BankûBank of Americaû
Emirates NBDûICBC ANDûStandard Chartered
Bank AREûCOORDINATORSûANDûBOOKRUNNERSûOFû
THEûLATESTûBORROWINGûWHICHûCOMPRISESûAû53û
DOLLARûTRANCHEû!ûANDûEUROûTRANCHEû"
4HEû53ûDOLLARûPORTIONûOFFERSûANûINTERESTû
MARGINûOFûBPûOVERû,IBORûWHILEûTHEûEUROû
TRANCHEûOFFERSûBPûOVERû%URIBOR
-,!SûRECEIVEûAûTOP
LEVELûUPFRONTûFEEûOFû
BPûFORûCOMMITMENTSûOFû53MûANDû
ABOVEûFORûTRANCHEû!ûORûõMûANDûABOVEûFORû
TRANCHEû"ûWHILEûLEADûARRANGERSûEARNûAûBPû
FEEûFORûTICKETSûOFû53MnMûORû
õMnõMû!RRANGERSûRECEIVEûAûBPûFEEû
FORûTICKETSûBELOWû53ûORûBELOWûõM
0ROCEEDSûWILLûRElNANCEûAû53M
EQUIVALENTûONE
YEARûLOANûRAISEDûINû-ARCHû
û"/!û%MIRATESû."$û)#"#ûANDû
3TAN#HARTûWEREûTHEûCOORDINATORSûOFûTHATû
TRANSACTIONûWHICHûOFFEREDûALL
INûPRICINGûOFû
BPûOVERû,IBORûFORûTHEûDOLLARûTRANCHEûANDû
BPûOVERû%URIBORûFORûTHEûEUROûTRANCHEû
)Nû/CTOBERû!KBANKûRAISEDûAû53M
EQUIVALENTû
DAYûTERMûLOANû4HATû
DUAL
CURRENCYûLOANûCOMPRISINGûAû53Mû
PORTIONûANDûõMûPIECEûOFFEREDûALL
INSûOFû
BPûOVERû,IBORûANDûBPûOVERû%URIBORû
RESPECTIVELY
UK
INTERTEK NETS REFINANCING
Testing company INTERTEKûHASûSIGNEDûANû
53MûlVE
YEARûREVOLVINGûCREDITûFACILITYû
REPLACINGûITSû53MûFACILITYûTHATûWASûDUEû
TOûMATUREûBETWEENû*UNEûûANDû*ULYû
4HEûlNANCINGûFEATURESûAûSMALLERûBANKûGROUPû
WITHûNEWûANDûEXISTINGûLENDERSûPARTICIPATING
Bank of AmericaûBank of ChinaûBNP Paribasû
CICûHSBC ANDûSMBC AREûBOOKRUNNERSûANDû
MANDATEDûLEADûARRANGERSûONûTHEûFACILITYû
while MUFG ANDûStandard Chartered are
MANDATEDûLEADûARRANGERS
4HEûPREVIOUSûFACILITYûWASûAMENDEDûANDû
EXTENDEDûINûûINCREASINGûTHEûFACILITYûBYû
53MûTOû53MûANDûEXTENDINGûTHEû
MATURITYûTOû*UNEûûFROMû-ARCHûûANDû
ADDINGûTWOûONE
YEARûEXTENSIONûOPTIONS
!.:û"OF!û"ANKûOFû#HINAû"ARCLAYSû#)#û
$EUTSCHEû"ANKû(3"#ûANDû2OYALû"ANKûOFû
3COTLANDûWEREûBOOKRUNNERSûANDûMANDATEDû
LEADûARRANGERSûINûTHEûlNANCING
$ANSKEû"ANKûANDû3-"#ûALSOûPARTICIPATED
)NûûTHEûFACILITYûWASûEXTENDEDûTOû*UNEû
ûANDûTHENûINûû53MûOFûTHEû
FACILITYûWASûEXTENDEDûTOû*ULYû
NORTH AMERICA
UNITED STATES
GM LAUNCHES US$16.5bn REFI
GENERAL MOTORS is in the market with a
53BNûRElNANCING
4HEûTRANSACTIONûWASûLAUNCHEDû4HURSDAYû
INû$ETROITûVIAûJP Morgan ANDûCitigroup
4HEûFACILITYûCOMPRISESûAû53BNû
DAYû
REVOLVINGûCREDITûAû53BNûTHREE
YEARû
REVOLVINGûCREDITûANDûAû53BNûlVE
YEARû
REVOLVINGûCREDITûFACILITYû
4HEû
DAYûPAYSûBPûUNDRAWNûWHILEû
THEûTHREE
YEARûPAYSûBPûUNDRAWNûANDûTHEû
lVE
YEARûPAYSûBPû4HEûDRAWNûMARGINûONû
THEûTHREEûFACILITIESûISûBPûOVERû,IBOR
4HEûLOANSûRElNANCEûEXISTINGûCREDITû
FACILITIESûOFûTHEûSAMEûSIZEûWITHOUTûAûCHANGEû
INûPRICING
!û53BNûFACILITYûWHICHûTHEûCOMPANYû
SIGNEDûINû*ANUARYûûWILLûREMAINû
UNCHANGED
THERMO FISHER TAPS BRIDGE
THERMO FISHER SCIENTIFIC is backing its
53BNûCASHûOFFERûFORû'ERMANûGENETICû
testing company Qiagen with a fully
COMMITTEDûBRIDGEûLOAN
0ERMANENTûFUNDINGûFORûTHEûACQUISITIONûISû
EXPECTEDûTOûCOMEûFROMûCASHûONûHANDûANDû
NEWûDEBT
4HERMOû&ISHERûISûOFFERINGûõûINûCASHûPERû
1IAGENûSHAREûANDûWILLûASSUMEû53BNûOFû
DEBT
4HEûACQUISITIONûISûEXPECTEDûTOûCLOSEûINûTHEû
lRSTûHALFûOFû
0ROûFORMAûLEVERAGEûATûCLOSEûISûEXPECTEDûTOû
BEûAROUNDûûTIMESûBUTûTHEûCOMPANYû
EXPECTSûTOûMAINTAINûANûINVESTMENT
GRADEû
RATING
4HERMOû&ISHERûISûRATEDû"""ûBYû30û"AAû
BYû-OODYSûANDû"""ûBYû&ITCH
JP Morgan ANDûMorgan StanleyûAREûADVISING
ARCONIC AMENDS AND EXTENDS
!LUMINIUMûANDûMETALSûENGINEERINGûANDû
manufacturing company ARCONICûHASûSIGNEDû
ANûAMENDEDûANDûEXTENDEDû53BNûlVE
YEARûREVOLVINGûCREDIT
Citigroup ISûTHEûADMINISTRATIVEûAGENTûONû
THEûDEALûJP Morgan ISûTHEûSYNDICATIONûAGENTû
ANDûGoldman Sachs ISûTHEûDOCUMENTATIONû
AGENT
/THERûLENDERSûAREûABN AMROûBMOûBNP
ParibasûCredit SuisseûFifth Third BankûIntesa
SanpaoloûMizuho, Morgan StanleyûMUFGûPNCû
SMBCûTD BankûTruist BankûUS BankûCitizens
Bank
INGûScotiabankûHuntington National Bankû
Banco BradescoûM&T BankûNomuraûRiyad Bankû
Standard CharteredûBNY Mellon ANDûWestpac
4HEûDEALSûAMENDSûANûEXISTINGûLOANûTHATû
WASûAGREEDûINû*UNEû
AMERICAS LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
Proportional credit
Source: Refinitiv SDC code: R7
1 BofA 133 35,094.12 11.5
2 JP Morgan 111 32,698.25 10.7
3 Citigroup 81 31,010.62 10.2
4 Wells Fargo 87 23,086.64 7.6
5 Credit Suisse 52 17,644.35 5.8
6 Goldman Sachs 69 14,072.05 4.6
7 Morgan Stanley 38 12,128.55 4.0
8 RBC 56 10,381.26 3.4
9 Jefferies 31 8,070.35 2.6
10 MUFG 44 8,005.87 2.6
Total 417 304,667.27
9 IFR Loans 2323 p 63 - 76 .indd 68 06 / 03 / 2020 19 : 19 : 51