!CADE-EDIAûOPERATESûINû3WEDEN û.ORWAYû
and Germany with around 650 preschools,
compulsory schools, upper secondary
schools and adult education centres.MEKONOMEN TAPS FOR ACQUISITIONSAutomotive spare parts and accessories
retailer MEKONOMEN is backing its acquisition
of FTZ in Denmark and Inter-Team in Poland
with €395m of loans.
4HEûlNANCINGûCOMPRISESûAûõMûlVE
year term loan, a €79m one-year bridge loan
TOûBEûRElNANCEDûBYûBONDSûORûBANKûLOANS û
and a €158m one-year bridge loan to be
RElNANCEDûTHROUGHûAûRIGHTSûISSUEûOFûAROUNDû
SKr1.65bn (US$189m).
Bookrunners Nordea Bank and SEB have
underwritten the loans.
LKQ, Mekonomen’s largest shareholder,
has undertaken to subscribe for its pro rata
share of the rights issue (26.51%) while
.ORDEAûANDû3%"ûHAVEûAGREEDûTOûUNDERWRITEû
the remaining part.
Mekonomen has agreed to acquire FTZ
and Inter-Team from Hella for €395m on a
cash and debt-free basis.
The acquisition will provide Mekonomen
with strong market positions in Denmark
and Poland, where it previously had no
operations.SWITZERLAND
IMPLENIA LINKS TO SUSTAINABILITY#ONSTRUCTIONûlRMûIMPLENIA has agreed a
SFr800m syndicated loan linking the
applicable margin to the company’s
sustainability performance.
4HEûlNANCINGûINCREASESûANDûEXTENDSû
Implenia’s SFr650m loan with a Swiss bank
syndicate of 18 banks led by UBS.
4HEûlNANCINGûMATURESûINû$ECEMBERûû
BUTûCANûBEûEXTENDEDûBYûTWOûYEARS)MPLENIAûSAIDûITûISû3WITZERLANDSûlRSTû
industrial company to partially link the
applicable credit spread to its sustainability
performance measured by environmental,
social and corporate governance research
ANDûRATINGSûlRMû3USTAINALYTICSMET CLOSES €112m LOANInternational energy sales and trading group
MET GROUP has closed a €112m seven-year
senior secured term loan.
The non-recourse loan will be used to increase
the company’s European asset portfolio.
The loan closed substantially
oversubscribed.
4HEûlNANCINGûWASûLEDûBYûCitigroup,
UniCredit and UniCredit Bank Hungary as
mandated lead arrangers and bookrunners.
Erste Bank Hungary, ING Bank, International
Investment Bank, MKB Bank, OTP Bank, Raiffeisen
Bank and TakarekBank joined as lenders.
UniCredit is facility agent while Citibank
is security agent. Clifford Chance advised
the banks.
MET Group closed the acquisition of
Hungarian natural gas distributor Tigaz in June.
The company also closed a Ft50bn
53M ûPROJECTûlNANCINGûINû-AYûFORûITSû
subsidiary MET Dunai Solar Park via
UniCredit Bank Hungary.
4HATû
YEARûNON
RECOURSEûLOANûlNANCESû
the construction and operation of MET’s
lRSTûSOLARûPARKûPROJECTûINû(UNGARY ûWHICHû
will have an installed capacity of 17.6MW.TURKEY
ING TURKEY BAGS €534.4m DEALING TURKEY has signed a €534.4m-equivalent
367-day dual-currency loan with a group of
28 banks.
The deal comprises a €498.5m tranche
and a US$42m tranche paying 120bp over
Euribor and 130bp over Libor, respectively.
4HEûLOANûWILLûBEûUSEDûFORûTRADEûlNANCEû
PURPOSESûANDûRElNANCESûAûõM
EQUIVALENTû
facility signed in July 2017.
That facility comprised a €462.5m tranche
and a US$12m tranche, paying 105bp over
Euribor and 115bp over Libor respectively.TSKB TAKES US$221.3mTURKIYE SINAI KALKINMA BANKASI has signed a
US$221.3m-equivalent 367-day loan
coordinated by Commerzbank.
The dual-tranche loan comprises a
€168.5m facility and a US$25m facility and
RElNANCESûTHEûBANKSû53M
EQUIVALENTû
367-day loan agreed last year.
The new deal pays 145bp over Euribor/
Libor.The lenders are Citi, Commerzbank, ING,
Societe Generale, Standard Chartered Bank,
SMBC, UniCredit Bank, JP Morgan, BayernLB,
Banka Kombetare Tregtare, Intesa Sanpaolo,
Raiffeisen Bank International, Credit Suisse,
Mashreqbank and DZ Bank.
Last year’s deal, which was also coordinated
by Commerzbank, comprised a €212m
tranche and a US$56.5m tranche, both paying
margins of 115bp over Euribor/Libor.
TSKB is a privately owned development
and investment bank and is 40.26% owned
by Isbank Group.
TSKB is rated BB+ by Fitch and Ba3 by
Moody’s.UK
SAINSBURY’S GETS ASDA FUNDINGSupermarket operator J SAINSBURY has agreed
£3.5bn of loans to back its proposed £7.3bn
acquisition of Walmart’s Asda.
The company will also increase its
EXISTINGûREVOLVINGûCREDITûFACILITIESûTOûaBNû
from £1.45bn to provide the combined
COMPANIESûWITHûlNANCIALûmEXIBILITY
4HEûACQUISITIONûlNANCINGûCOMPRISESûAû
£2bn two-year term loan and a £1.5bn three-
year term loan.
The increased RCFs comprise a £445m
three-year facility, a £590m four-year
FACILITY ûAûaMûlVE
YEARûFACILITY ûANDûAû
aMûlVE
YEARûFACILITY
4HEûACQUISITIONûlNANCINGûCLOSEDû
OVERSUBSCRIBEDûTOûNEWûANDûEXISTINGûLENDERSû
resulting in scaled back allocations across all
tranches.
Mandated lead arrangers and
bookrunners on the acquisition loans were
ABN AMRO, Banco Santander, Bank of China,
BNP Paribas, Rabobank, Credit Agricole CIB,
Deutsche Bank, HSBC, Lloyds Bank, MUFG,
Morgan Stanley, NatWest, SMBC and UBS.
Mandated lead arrangers were Banca IMI,
Banco de Sabadell, ICBC, Mizuho, Raiffeisen Bank
International and Standard Chartered Bank.
Svenska Handelsbanken also participated.
HSBC is also facility agent on the
lNANCING
The RCFs were originally arranged in
/CTOBERûûVIAûAûCLUBûSYNDICATEûOFû"ANCOû
3ANTANDER û"ARCLAYS û".0û0ARIBAS û$EUTSCHEû
Bank, HSBC (facility agent), Lloyds, MUFG,
Morgan Stanley, Rabobank (coordinator),
RBS, Svenska Handelsbanken and UBS.
Under the terms of the deal, Walmart will
sell Asda to Sainsbury’s in return for a 42%
stake in the combined company and
£2.875bn in cash, valuing Asda at around
£7.3bn.
The merged business, which will bring
together UK brands Sainsbury’s, Asda and
!RGOS ûISûEXPECTEDûTOûHAVEûANûINVESTMENTEMEA LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 42 26,924.74 7.6
2 BNP Paribas 102 26,162.28 7.4
3 Credit Agricole 100 21,353.47 6.1
4 SG 74 20,804.37 5.9
5 Citigroup 47 18,453.41 5.2
6 Deutsche Bank 57 17,736.10 5.0
7 UniCredit 68 14,954.02 4.2
8 ING 67 14,314.61 4.1
9 HSBC 63 13,704.45 3.9
10 BAML 35 13,219.02 3.7
Total 364 352,555.87
Proportional credit
Source: Thomson Reuters SDC code: R17