IFR International - 28.07.2018

LOANS EMEA

ORANO SIGNS DEBUT €780m
SYNDICATED LOAN

French nuclear materials company ORANO,
previously New Areva, has signed a €780m
revolving credit facility with a group of nine
international banks.
The undrawn debut syndicated loan was
signed on July 11 and strengthens the
COMPANYSûLIQUIDITY
The loan is for three years plus two one-
year extension options.
New Areva was created through the
corporate restructuring of Areva in 2017
that saw the company sell off its nuclear
REACTORûBUSINESSû
û.EWû.0û
ûTOû%$&
New Areva changed its name to Orano in
January.
Orano is involved in the production and
recycling of nuclear materials, waste
management, and the dismantling of
nuclear power plants.

BUREAU VERITAS COMPLETES
€600m LOAN REFINANCING

&RENCHûCERTIlCATIONûCOMPANYûBUREAU VERITAS
COMPLETEDûAûõMûMULTICURRENCYû
revolving credit facility (RCF), replacing the
COMPANYSûEXISTINGûõMû2#&ûONûMOREû
favourable terms.
The new facility was part of the
COMPANYSûlRST
HALFûFUNDINGûACTIVITY ûWHICHû
ALSOûINCLUDEDûAûõM û
MONTHûZERO
COUPONûSENIORûlXED
RATEûBOND
4HEûFUNDINGûFURTHERûDIVERSIlEDûTHEû
COMPANYSûSOURCESûOFûDEBT ûWHICHûINCLUDESû
the bank loan market, euro-denominated
bonds, US private placements, Schuldschein
notes and commercial paper.
4HEû2#&ûISûFORûlVEûYEARSûPLUSûTWOûONE
YEARû
extension options and closed oversubscribed
with commitments from a group of 14
banks.
Bookrunners and mandated lead
arrangers are Bank of America Merrill Lynch,
Barclays Bank, BNP Paribas, Credit Agricole CIB,
HSBC, Natixis and Societe Generale.
Mandated lead arrangers are Banco
Santander, Commerzbank, CIC, ING Bank, Mizuho
Bank, NatWest, and UniCredit Bank.
HSBC France is facility agent.
The previous facility was arranged in July
2012 and subsequently amended in 2014,
extending the maturity to April 2019.

GETLINK EYES REFINANCING OF
£190m LOAN

GETLINK SE ûFORMERLYû'ROUPEû%UROTUNNEL û
INTENDSûTOûRElNANCEûANûEXISTINGûaMû
bank loan in the second half of 2018.
4HEûlNANCINGûWASûPUTûINûPLACEûINû
February to part fund English subsidiary
%UROTUNNELû!GENTû3ERVICESû,TDSû%!3, û

aMûACQUISITIONûOFû#HANNELû,INKû

%NTERPRISESû&INANCEû0LCSû#,%& û#LASSû'û

INmATION

LINKEDûBONDSûHELDûBYû'ERMANûSTATE

owned FMS Wertmanagemen.

The loan, which is due to mature on

.OVEMBERûûPAIDûANûINITIALûMARGINûOFû

BPûOVERû,IBORûSTEPPINGûUPûTOûBPûOVERû

time.

!FTERûTHEûPURCHASEûBONDSû'ETLINKûHASûTHEû

option, up to 2025, to acquire any or all of

THEû#LASSû'û.OTESûANDORûTHEû'û.OTESû

owned by FMS.

GERMANY

VNG SIGNS €700m EARLY LOAN

REFINANCING

'ERMANûNATURALûGASûCOMPANYûVERBUNDNETZ GAS

AG 6.' ûHASûSIGNEDûAûõMûlVE

YEARû

SYNDICATEDûLOANûTOûRElNANCEûITSûEXISTINGûõBNû

loan, which was due to mature in 2020.

The loan was signed via coordinating

banks BNP Paribas, Commerzbank and LBBW,

along with other arranging banks DZ Bank

and UniCredit. Commerzbank is

documentation agent.

Clifford Chance advised the bank

syndicate, which totals 11 banks, down

from 14 banks on the previous deal, which

was arranged in January 2015.

,EIPZIG

HEADQUARTEREDû6.'ûISûINVOLVEDûINû

the trading and sale, transportation, and

storage of natural gas. The company has

around 1,200 employees and reported sales

OFûAROUNDûõBNûINû

The company is majority owned by

Energie Baden-Wuerttemberg, which has

74.21% share.

DAIMLER SIGNS €11bn LOAN REFINANCING

'ERMANûCARûMAKERûDAIMLER has signed an

€11bn syndicated revolving credit facility,

replacing its existing €9bn credit line on

SIGNIlCANTLYûIMPROVEDûTERMS

$AIMLERûDOESûNOTûINTENDûTOûDRAWûTHEû

CREDITûLINEûWHICHûISûFORûlVEûYEARSûPLUSûTWOû

one-year extension options, but will use it to

SECUREûSUFlCIENTûlNANCIALûmEXIBILITY

$ESPITEûTHEûHIGHERûAMOUNTûOFûTHEûFACILITYû

the commitment fee to be paid on the

lNANCINGûISûLOWERûTHANûTHEûPREVIOUSûFACILITY

4HEûlNANCINGûSHOWSûTHATûTHEûDOWNWARDû

pressure on pricing in the investment-grade

syndicated loan market is being maintained

as banks in Europe remain underlent and

keen to book assets, especially at the higher

end of the credit spectrum.

4HEûlNANCINGûCLOSEDûSIGNIlCANTLYû

oversubscribed with more than 40 banks

from Europe, Asia and America

PARTICIPATINGûREmECTINGû$AIMLERSûGLOBALû

business, the company said.

Co-ordinating bookrunning mandated

LEADûARRANGERSûONûTHEûlNANCINGûAREûBNP

Paribas, Citigroup, Deutsche Bank, MUFG, and

UniCreditûWITHû$EUTSCHEû"ANKûALSOûACTINGûASû

facility agent.

Bookrunning mandated lead arrangers are

BBVA, Banco Santander, Bank of America Merrill,

Bank of China, Bank of Communications, Barclays,

BayernLB, China Construction Bank, Commerzbank,

Credit Agricole CIB, Goldman Sachs, HSBC, ICBC, JP

Morgan, LBBW, Lloyds Bank, Mizuho Bank, Royal

Bank of Canada, Societe Generale, Standard

Chartered, SMBC, and TD Bank.

Mandated lead arrangers are ANZ Banking

Group, Danske Bank, DBS Bank, DZ Bank, Helaba,

ING Bank, Intesa Sanpaolo, SEB, and Wells Fargo.

,EADûARRANGERSûAREû"ANKûOFû.EWû9ORKû

Mellon, Bank of Nova Scotia, CM-CIC, Erste

'ROUPû"ANKû.ATIXISû2AIFFEISENû"ANKû

International, US Bank, and Westpac

Banking Corp.

“We have made optimal use of the

favourable conditions in a volatile

environment and have created a long-term

liquidity buffer with the early renewal of the

existing credit line,” said Bodo Uebber,

$AIMLERûBOARDûMEMBER

$AIMLERûSELF

ARRANGEDûITSûPREVIOUSûõBNû

LOANûINû3EPTEMBERûû4HATûlNANCINGûALSOû

HADûAûlVE

YEARûMATURITYûWITHûTWOûONE

YEARû

extension options.

That facility, which was coordinated by

".0û0ARIBASû$EUTSCHEû"ANKûANDû(3"#ûPAIDû

a margin of 27.5bp over Euribor.

$AIMLERûISûRATEDû!ûBYû30û!ûBYû-OODYSû

and A- by Fitch.

BANKS ASSEMBLE FOR SCOUT24’S

€1bn LOAN REFI

4HEûBANKûGROUPûHASûEMERGEDûONû'ERMANû

digital marketplace operator SCOUT24SûõBNû

lVE

YEARûSYNDICATEDûLOANûWHICHûRElNANCESû

its existing €800m loan and backs its all-cash

€285m acquisition of comparison website

operator Finanzcheck.de.

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 119 37,602.89 9.3

2 JP Morgan 46 28,152.40 6.9

3 SG 86 23,697.18 5.8

4 Credit Agricole 107 23,215.28 5.7

5 Citigroup 56 19,559.59 4.8

6 Deutsche Bank 66 19,447.49 4.8

7 UniCredit 92 19,187.53 4.7

8 HSBC 75 16,627.07 4.1

9 ING 78 15,730.29 3.9

10 BAML 43 14,702.02 3.6

Total 443 406,017.47

Proportional credit

Source: Thomson Reuters SDC code: R17