IFR Magazine – January 20, 2018

LOANS EMEA

Citigroup is the sole coordinating and
underwriting bank for the debut acquisition
lNANCING ûWHICHûWILLûBEûFORûTHEûCASHû
COMPONENTûOFûTHEû-BNû53M û
proposed purchase of Aspion, also from
Malaysia.
The Malaysian glove maker is acquiring
Aspion from Adventa Capital. The purchase
will make Top Glove one of the world’s
largest surgical glove makers, on top of
being the largest rubber glove manufacturer
globally.
Besides the borrowing, Top Glove, listed
in Kuala Lumpur and Singapore, is also
issuing 20,505,000 new shares on the
Malaysian stock exchange at M$6.6813 each
TOûlNANCEûTHEûACQUISITION ûTHEûCOMPANYûHASû
said.
The US$310m facility is split equally into
a two-year conventional term loan and a
lVE
YEARû)SLAMICûlNANCING
The conventional term loan carries a
bullet maturity and an interest margin of
BPûOVERû,IBORûFORûTHEûlRSTûûMONTHSû
before stepping up to 132.5bp from the 13th
month. The blended interest margin is
BPûOVERû,IBOR
The Islamic tranche has an amortising
repayment with an average life of 3.5 years
ANDûAûPROlTûRATEûOFûBPûOVERû,IBOR
Citigroup has launched the loan into
limited syndication, seeking commitments
on a pro-rata basis across the two tranches.
"ANKSûJOININGûASûMANDATEDûLEADûARRANGERSû
and bookrunners earn upfront fees of 20bp
on the conventional portion and 30bp on
the Islamic piece, for all-in pricing of
BPûANDûBP ûRESPECTIVELY
Hong Leong Investment Bank is transaction
and principal adviser to Top Glove, while
Credit SuisseûISûTHEûSOLEûlNANCIALûADVISERûTOû
Adventa Capital.

SINGAPORE

NOBLE RETIRES LOANS ON DISPOSAL

Troubled commodities trader NOBLE GROUP
has retired US$202m of borrowing base
revolving credit facilities on completing the
sale of Noble Americas.
The estimated net proceeds of US$400m
from the sale comprises a closing-date base
consideration of US$214m plus working
capital of US$388m, minus the US$202m in
senior secured borrowing base facilities.
Vitol US Holding bought NAC, which
handled Noble’s global oil liquids business,
and repaid the borrowing base facilities.
The estimated net proceeds of US$400m
from the sale, include the cash from
previously announced sales of NAC
subsidiaries and was lower than the
ESTIMATEDû53MûDETERMINEDûONû/CTOBERû

ûûPRIMARILYûDUEûTOûOPERATINGûLOSSESûTHEû

group generated from then until the closing

date.

Noble, at one time one of the world’s

biggest commodity traders, had previously

announced sales of its gas-and-power units,

namely Noble Americas Gas & Power, Noble

Americas South Bend Ethanol and MR Coal

Marketing & Trading.

In December, the group said it had

obtained a waiver from creditors to extend

covenants on a loan facility to May this year,

giving it more time for its debt-restructuring

negotiations. The covenants had already

been extended twice until mid-December as

the group battled to recover from two years

of crisis.

In early November, Noble reported a

THIRD

QUARTERûLOSSûOFû53BNûVERSUSûAûLOSSû

of US$28m a year earlier.

TAIWAN

WISTRON WORKS ON LOAN

Electronics manufacturer WISTRON has

mandated Mega International Commercial Bank

for a loan of up to US$600m, after closing a

53MûFACILITYûLASTû*UNE

The loan is expected to be launched into

general syndication shortly.

&UNDSûAREûTOûRElNANCEûAû53Mû

revolving credit signed in September 2013

and for working capital. Mega also led that

LOANûWHICHûWASûSPLITûINTOûAûlVE

YEARû

US$510m Tranche A and a three-year

US$90m Tranche B, offering interest

margins of 119bp and 108bp over Libor,

respectively. The borrower will pay any

excess interest rate beyond a 38bp

difference between TAIFX and Libor.

Mega was the sole mandated lead

ARRANGERûANDûBOOKRUNNERûONûTHEû53Mû

one-year accounts-receivable factoring

facility completed in June. That loan pays a

margin of 90bp over Libor.

Established in 2001, the Taiwan-listed

borrower was spun off from Acer’s

manufacturing operations.

EUROPE/MIDDLE

EAST/AFRICA

BELGIUM

UCB COMPLETES €1bn A&E

Pharmaceuticals company UCB has amended

and extended its existing €1bn revolving

credit facility.

4HEûMATURITYûOFûTHEûUNDRAWNûlNANCINGû

WASûREFRESHEDûTOûlVEûYEARSûPLUSûTWOûONE

YEARû

extension options. The existing facility was

due to mature in January 2021.

Coordinating bookrunners and mandated

lead arrangers were BNP Paribas Fortis,

Commerzbank, ING Bank and Mizuho.

Banco Santander, Bank of America Merrill

Lynch, Barclays, Credit Agricole CIB, HSBC, Intesa

Sanpaolo, KBC Bank, MUFG, SMBC and Royal

Bank of Scotland were mandated lead

arrangers, while Wells Fargo was lead

arranger.

BNP Paribas Fortis is facility agent.

4HEûFACILITYûWHICHûHASûNOûlNANCIALû

covenants, was amended and extended in

*ANUARYûûREFRESHINGûTHEûMATURITYûBYûlVEû

years plus two one-year extension options,

ANDûREDUCINGûPRICINGûONûTHEûlNANCING

GERMANY

HEIDELBERGCEMENT NETS €3bn

HEIDELBERGCEMENT has signed a €3bn

syndicated revolving credit facility to

RElNANCEûANûEXISTINGûFACILITYûTHATûWASûDUEûTOû

mature in 2019.

4HEûlNANCINGûWHICHûISûFORûlVEûYEARSûWITHû

two one-year extension options, is for

liquidity back-up and can be used for cash

drawdowns as well as for letters of credit

and guarantees in euros and other

currencies.

HeidelbergCement has taken advantage

OFûHISTORICALLYûATTRACTIVEûRElNANCINGû

conditions to improve terms, reducing the

margin on the new facility by 20bp to 35bp

over Euribor, depending on leverage.

h4HANKSûTOûTHEûCLASSIlCATIONûINûTHEû

INVESTMENTûGRADEûWEûCOULDûSIGNIlCANTLYû

improve the conditions and documentation

of the new credit facility,” Bernd Scheifele,

chief executive of HeidelbergCement said.

EMEA LOANS BOOKRUNNERS – FULLY

SYNDICATED VOLUME

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 BNP Paribas 2 674.34 15.0

=1 ING 2 674.34 15.0

3 HSBC 1 375.97 8.4

=3 SG 1 375.97 8.4

=3 MUFG 1 375.97 8.4

=3 Citigroup 1 375.97 8.4

=3 Credit Agricole 1 375.97 8.4

=3 Natixis 1 375.97 8.4

9 UniCredit 1 298.63 6.6

10 Commerzbank 1 298.38 6.6

=10 Mizuho 1 298.38 6.6

Total 3 4,499.88

Proportional credit

Source: Thomson Reuters SDC code: R17