Coordinating mandated lead arrangers
and bookrunners on the December 2013
deal were Natixis, Societe Generale and
2OSBANK ûWHICHûWEREûJOINEDûBYû.ORDEA û
Sberbank Europe and Alfa Bank as
mandated lead arrangers.
SAUDI ARABIA
SEC PLUGS IN US$2.6bn LOANSAUDI ELECTRICITY COMPANY has signed a
US$2.6bn-equivalent syndicated bridge
facility.
The one-year bullet loan was provided by
eight banks - Citibank, MUFG, First Abu Dhabi
Bank, HSBC, Mizuho, Natixis, SMBC and
Standard Chartered Bank.
Proceeds of the unsecured loan will be
used for general corporate purposes
including capital expenditure.
4HEûSAMEûBANKSûPROVIDEDûAû53BNûlVE
year bullet loan to the company in August to
support its capital expenditure plans.
As part of wider reforms in the Saudi
energy sector, Saudi Arabia plans to
restructure the utility splitting it into four
SEPARATEûUNITSûTOûIMPROVEûEFlCIENCY
SWEDEN
TELE2 NETS SKr11bn FOR COM HEMTelecoms group TELE2 is backing its
acquisition of cable operator COM HEM with a
3+RBNû53BN ûUPûTOû
MONTHûBRIDGEû
loan from Nordea, Citigroup and SEB.
The bridge loan will be replaced and/or
RElNANCEDûWITHûBONDSûORûLOANSûWITHûLONGERû
tenors.
Under the acquisition, Com Hem
shareholders will receive around 26.9%
ownership of the merged company and cash
TOTALLINGû3+RBNû53M
The combined net debt of the enlarged
company will be around SKr25.5bn after
proceeds of SKr1.8bn from the combination
of Tele2 Netherlands and T-Mobile
.ETHERLANDSûANDûAROUNDû3+RMûFROMûTHEû
sale of Tele2 Austria are received.
At closing, the merged company will have
leverage of around 2.8 times.
Tele2 said it is committed to a credit
PROlLEûCONSISTENTûWITHûANûINVESTMENT
GRADEû
rating and is targeting leverage of 2.0 times
to 2.5 times over the medium term.
CAPIO AMENDS AND EXTENDSHealthcare provider CAPIO has amended and
extended its existing revolving credit
FACILITY ûINCREASINGûTHEûSIZEûOFûTHEûlNANCINGû
by €108m to €343m.
The maturity of the facility has been
extended by 2.5 years to January 2023,
EXCEPTûõM ûWHICHûWILLûMATUREûONûTHEû
original maturity date in June 2020.
All other terms remain unchanged.
The revolver was originally arranged as part
OFûAûWIDERûõMûlVE
YEARûLOANûlNANCINGûINû
connection with the company’s IPO in 2015.
4HEûlNANCINGûALSOûINCLUDEDûAûõMûTERMû
loan and was provided by a group of banks
comprising Credit Agricole CIB, Danske
Bank, DNB Bank, Nordea Bank and SEB.
4HEûlNANCINGûPAIDûANûINITIALûMARGINûOFû
around 200bp over Euribor, depending on
leverage.
5NDERûTHEûORIGINALûLOANûTHEûlNANCINGû
could be increased by up to €135m, with the
approval of the lenders.UAE
ADNOC WRAPS UP US$3bn LOANABU DHABI NATIONAL OIL CO has signed a US$3bn
loan with export credit agency Japan Bank
for International Cooperation and three
commercial banks.JBIC is providing US$2.1bn, while HSBC,
Mizuho Bank and SMBC are funding the
remainder.
4HEûlVE
YEARûLOANûAIMSûTOûHELPû*APANESEû
companies secure oil supplies from Abu
Dhabi, as the proceeds are generally used as
a form of advance payment to ADNOC for
CRUDEûOILûSALESûTOû*APANESEûOILûlRMS
)TûMARKSûTHEûlFTHûFACILITYûFORûTHEûSTATE
owned oil company with participation from
*")#ûSINCEûGULF MARINE SERVICES EXTENDS LOANSAbu Dhabi-based offshore contractor GULF
MARINE SERVICES has extended the maturity of
its existing syndicated loan that was
originally arranged in November 2015.
4HEûMATURITYûOFûTHEûlNANCINGûHASûBEENû
extended by two years to 2023, while
scheduled loan repayments will be
reduced by two-thirds in both 2018 and
2019.
In addition, a cash sweep mechanism,
triggered when leverage exceeds 4.0 times
Ebitda, has been added from 2018, where
ûOFûSURPLUSûFREEûCASHmOWûWILLûBEûAPPLIEDû
towards repayment of bank debt.LOANS EMEASteinhoff secures lifeline
SOUTH AFRICA Local lenders back interim liquidity supportRetailer STEINHOFF’s South African lenders have
backed a move to prop up its troubled European
operations with liquidity from healthier South
African subsidiaries as the group scrambles to
close a funding gap.
A first instalment of €60m of a total €200m
was expected to be received last week, and
the company is seeking consent for further
instalments, Steinhoff said on Thursday.
“It is expected that any funds so received will
be available to meet business critical payments
during the next phase of the group’s stabilisation
plan,” it said.
The group, owner of more than 40 retail
brands including Poundland in Britain and
Mattress Firm in the US, last month revealed
“accounting irregularities” which helped to wipe
about US$15bn, or 85%, off its market value.
Sources close to the negotiations told Reuters
earlier this month that Steinhoff was racing to
plug a €200m funding gap to avoid a small unit
such as Austrian Kika-Leiner pulling down the
entire group.
“To date, additional external liquidity has not
been obtained in the time available given the
complexity of the group structure and the terms
of the existing financings, although additional
external liquidity may be required in the future,”
Steinhoff said on Thursday.It has scheduled another meeting with its
European-based financial creditors for January
26.
It said it would ask its creditors in the coming
weeks to waive some payments that are coming
due under existing financing arrangements for its
European business.
It will also seek to refinance or redeem as soon
as possible some or all of its debt in South Africa
to release additional funds to use for the rest of
the group.
Once the short-term funding issues have
been resolved, Steinhoff will have to decide
whether asset disposals and refinancings will
suffice, or whether it will opt for a full-blown debt
restructuring.
Roughly €2bn of Steinhoff’s €10.7bn in debt
matures this year.
Steinhoff’s top nine banks, with an exposure
of more than €500m to the retailer, are
Commerzbank, UniCredit, Credit Agricole, BNP
Paribas, JP Morgan, HSBC, Citi, Mizuho and Bank
of America.
But Steinhoff is also talking to third-party
investors such as hedge fund Davidson Kempner- which supplied the Poundland loan - about
their interest in supplying fresh money, sources
have said.
Maria Sheahan, Georgina Prodhan