International Financing Review March 7 2020 73
LOANS LEVERAGED LOANS
)Fû#ROWNSûSUSTAINABILITYûRATINGûISû
û
POINTSûTHEûBORROWINGûCOSTSûONûTHEûLOANSûWILLû
DECREASEûBYûBPûANDûIFûITSûSCOREûISûMOREûTHANû
ûPOINTSûTHEûCOSTSûWILLûDECREASEûBYûBP
!ûSUSTAINABILITYûRATINGûBETWEENû
û
points will increase the costs of the facilities
BYûBPûANDûAûSCOREûBELOWûûPOINTSûWILLû
INCREASEûTHEûCREDITûFACILITIESûBYûBP
3USTAINALYTICSû%3'ûSCOREûANDûTHEûIMPACTû
on pricing will only apply to the amount of
THEûLOANSûTHATûAREûBORROWEDûBYû#ROWNû
ACCORDINGûTOû#AMBYSEû0ARSIûAûDIRECTORûFORû
SUSTAINABLEûlNANCEûATû".0û0ARIBAS
4YPICALLYûONû%UROPEANûBORROWERSû
SUSTAINABILITY
LINKEDûLOANSûTHEûSUSTAINABILITYû
RATINGûCANûBEûLINKEDûTOûANû%3'ûSCOREûORûTOû
SPECIlCûKEYûPERFORMANCEûINDICATORSû4HISû
CANûAFFECTûTHEûPRICEûOFûAûLOANSûDRAWNûANDû
UNDRAWNûAMOUNT
".0û0ARIBASûLEDûTHEûDEALûLASTûMONTHûFORû
*ET"LUEûTHATûAMENDEDûITSû53MûREVOLVINGû
CREDITûFACILITYûTOûINCLUDEûSUSTAINABILITY
LINKEDûPROVISIONS
EUROPE/MIDDLE EAST/
AFRICA
MICRO FOCUS POSTPONES REFI
UK software company MICRO FOCUS
INTERNATIONALûHASûPOSTPONEDûITSûPLANSûTOû
RElNANCEûAû53BN
EQUIVALENTûLOANûANDû
EXTENDûAû53MûREVOLVINGûCREDITûFACILITYû
DUEûTOûADVERSEûMARKETûCONDITIONS
4HEûCOMPANYûINTENDSûTOûRELAUNCHûTHEû
RElNANCINGûONCEûMARKETûCONDITIONSû
IMPROVE
4HEûRElNANCINGûWHICHûWASûSUPPOSEDûTOû
CLOSEûONû-ARCHûûISûTHEûLATESTûDEALûTOûBEû
PULLEDûFROMûTHEûMARKETûWHICHûISûUNDERû
PRESSUREûFROMûAûMAJORûSELL
OFFûINûGLOBALûSTOCKû
MARKETSûPROMPTEDûBYûFEARSûOVERûTHEû
INCREASEDûSPREADûOFûCORONAVIRUS
4HEûSEVEN
YEARû4,"ûARRANGEDûBYû*0û
-ORGANûCOMPRISEDûAûMINIMUMû53Mû
TRANCHEûANDûAûMINIMUMûõMûTRANCHEû
4HEûlRMûALSOûINTENDEDûTOûEXTENDûTHEû
53Mû2#&ûFROMû3EPTEMBERûûTOû*UNEû
4HEûDOLLARûTRANCHEûWASûGUIDEDûATûBP
BPûOVERû,IBORûANDûATûû/)$ûWHILEûTHEû
EUROûTRANCHEûWASûOFFEREDûATûBP
BPû
OVERû%URIBORûANDûATûû/)$
0ROCEEDSûWEREûTOûRElNANCEûITSûSENIORû
SECUREDû4,"ûDUEû.OVEMBERûûANDûPAYû
FEESûANDûEXPENSESûFROMûTHEûTRANSACTION
BIOGROUP TO RAISE €274.7m
&RENCHûLABORATORYûSERVICESûGROUPûBIOGROUP
LCDûISûRAISINGûAûõMûACQUISITIONûLOAN
4HEûlRST
LIENûTERMûLOANû"ûARRANGEDûBYûJP
Morgan ANDûNatixisûISûGUIDEDûATûBP
BPû
OVERû%URIBORûWITHûAûûmOORûANDûAûû/)$û)Tû
INCLUDESûûSOFT
CALLûPROTECTIONûFORûSIXû
MONTHS
The maturity of the term loan will be
!PRILûûINûLINEûWITHûITSûCURRENTû4,"
#ORPORATEûRATINGSûAREû""
"
"IOGROUPûLASTûTAPPEDûTHEûLOANûMARKETûINû
$ECEMBERûFORûAûõMûADD
ONûATûBPûOVERû
%URIBORûTHEûSAMEûASûITSûEXISTINGûLOANû4HEû
ADD
ONûWASûTOûlNANCEûACQUISITIONSûANDûREPAYû
REVOLVINGûCREDITûFACILITYûDRAWINGS
)Nû*ULYû"IOGROUPûALLOCATEDûANû
AMENDMENTûEXTENSIONûANDûREPRICINGûOFûITSû
õBNûTERMûLOANS
4HATûDEALûCOMPRISINGûAûõMûTERMûLOANû
"ûTHATûORIGINALLYûMATUREDûINû*UNEûûANDûAû
õMûFACILITYûTHATûMATUREDûINû*UNEûû
WEREûSUCCESSFULLYûEXTENDEDûTOû!PRILûû
4HEûLOANSûPRICEDûATûBPûOVERû%URIBORû
LOWERûTHANûBPûFORûTHEûõMûTERMûLOANû
BUTûINûLINEûWITHûTHEûõMûTERMûLOAN
"IOGROUPû,#$ûISûMAJORITYûOWNEDûBYû
3TEPHANEû%IMERû#ANADIANûPUBLICûPENSIONû
FUNDû#AISSEûDEûDEPOTûETûPLACEMENTûDUû
1UEBECûINVESTEDûõMûINûTHEûGROUPûINû
ûTOûSUPPORTûTHEûGEOGRAPHICALûEXPANSIONû
OFûTHEûCOMPANY
POLYNT-REICHHOLD UPS SIZE, PRICING
Chemical group POLYNT-REIC HHOLDûWIDENEDû
pricing on the euro tranche of its
õM
EQUIVALENTûTERMûLOANûTHATûWILLû
RElNANCEûDEBT
4HEûõMûLOANûWHICHûWASûINCREASEDûFROMû
õMûPRICEDûATûBPûOVERû%URIBORûFROMû
BPûATûLAUNCHûWITHûAûûmOORû4HEû/)$ûALSOû
WIDENEDûTOûûFROMûGUIDANCEûOFû
4HEûSEVEN
YEARûLOANûWILLûHAVEûûSOFTûCALLû
FORûSIXûMONTHS
4HEûlRMûHASûALSOûPRE
PLACEDûAû53Mû
TERMûLOANû"ûATûBPûOVERû,IBORûWITHûAûû
mOORûANDûAûû/)$
#ORPORATEûRATINGSûAREû""ûWHILEûFACILITYû
RATINGSûAREû"""
JP Morgan was sole physical bookrunner
ANDûADMINûAGENTûANDûGLOBALûCOORDINATORû
ANDûBOOKRUNNERûALONGSIDEûGoldman Sachs ANDû
UniCredit
Bookrunners are Bank of AmericaûCredit
SuisseûIntesa SanpaoloûMorgan StanleyûANDûNatixis
0ROCEEDSûWILLûBEûUSEDûTOûRElNANCEûDEBTû
PAYûAûCLOSINGûDATEûDIVIDENDûANDûPAYûOFûFEESû
ANDûEXPENSESûFROMûTHEûTRANSACTION
)Nû-AYûû)NVESTINDUSTRIAL
OWNEDû
0OLYNTûANDû"LACKû$IAMONDû#APITAL
BACKEDû
2EICHHOLDûAGREEDûTOûCOMBINEûTHEIRû
businesses to form a global chemicals
COMPANYûFOCUSEDûONûCOATINGûANDûCOMPOSITEû
RESINSûWITHûMOREûTHANûõBNûINûREVENUES
4HEûlRMSûTAPPEDûTHEûMARKETûWITHûAû
õMûUNITRANCHEûLOANûBACKINGûTHEûMERGERû
!ROUNDûõM
õMûWASûPROVIDEDûBYû
'3/SûSENIORûDEBTûFUNDûANDûTHEûRESTûCAMEû
FROMûLIMITEDûPARTNERSûANDûCO
INVESTORS
)NVESTINDUSTRIALûANDû"LACKû$IAMONDû
#APITALûAREûEQUALûINVESTORSûINûTHEûMERGEDû
COMPANY
GERFLOR HIKES PRICING
&RENCHûmOORINGûCOMPANYûGERFLOR has
INCREASEDûTHEûPRICINGûONûANûõMûSENIORû
SECUREDûTERMûLOANû"ûBACKINGûITSûACQUISITIONû
BYûINVESTMENTûlRMû#OBEPA
4HEûCOVENANT
LITEûSEVEN
YEARû4,"ûARRANGEDû
by BNP ParibasûPRICEDûATûBPûOVERû%URIBORû
FROMûREVISEDûGUIDANCEûOFûBP
BPûANDûAû
LAUNCHûPRICEûOFûBP
BP
4HEûLOANûWASûISSUEDûWITHûAûû/)$û
WIDENEDûFROMûREVISEDûGUIDANCEûOFûûANDû
FROMûûATûLAUNCHû!ûûmOORûREMAINSû
UNCHANGED
4HEûlNANCINGûALSOûCOMPRISESûAûõMû
YEARûREVOLVINGûCREDITûFACILITY
#ORPORATEûRATINGSûAREû"""ûWHILEû
FACILITYûRATINGSûAREû""""
#OBEPAûAGREEDûTOûBUYûAûMAJORITYûSTAKEûINû
'ERmORûINû*ANUARYû!FTERûTHEûTRANSACTIONûITû
WILLûCONTROLûTHEûlRMûALONGSIDEû)NTERMEDIATEû
#APITALû'ROUPûTHEûPREVIOUSûMAJORITYû
SHAREHOLDERûANDûMANAGEMENTû)#'ûBOUGHTû
'ERmORûINûûFROMû!8!û0RIVATEû%QUITY
EUROPEAN LEVERAGED LOANS
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
Excluding project finance. Western Europe only included.
Source: Refinitiv SDC code: P10
1 JP Morgan 6 1,595.03 13.0
2 Deutsche Bank 7 1,359.89 11.1
3 SG 3 827.15 6.8
4 Goldman Sachs 4 723.02 5.9
5 Santander 4 646.28 5.3
6 Barclays 4 640.42 5.2
7 HSBC 4 605.59 4.9
8 Citigroup 3 536.11 4.4
9 BofA 3 518.23 4.2
10 UBS 2 481.22 3.9
Total 14 12,240.33
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 Citigroup 55 18,093.96 9.9
2 BofA 89 16,493.67 9.0
3 JP Morgan 66 16,044.12 8.8
4 Credit Suisse 44 13,308.95 7.3
5 Goldman Sachs 61 12,322.44 6.8
6 Wells Fargo 47 10,473.92 5.7
7 Jefferies 31 8,070.35 4.4
8 Morgan Stanley 31 7,223.97 4.0
9 RBC 37 7,088.40 3.9
10 Barclays 47 6,998.78 3.8
Total 252 182,477.46
9 IFR Loans 2323 p 63 - 76 .indd 73 06 / 03 / 2020 19 : 19 : 51