IFR International - 28.07.2018

4HEûlNANCINGûISûBEINGûPROVIDEDûBYûAû
group of nine banks led by joint
coordinators and bookrunners ABN AMRO
and UniCredit Bank. The banking syndicate
also comprises BayernLB, ING Bank, LBBW, DZ
Bank, BNP Paribas, Helaba and NordLB.
UniCredit Bank is also facility agent.
Ashurst advised the banks.
4HEûUNSECUREDûlNANCINGûINCLUDESûAû
õMûTERMûLOANûANDûAûõMûREVOLVINGû
credit facility (RCF), of which €70m is drawn.
There is also a €500m RCF which will be
used for acquisitions and has a three-year
maturity plus two one-year extension
options.
Pricing is based on a net debt to Ebitda
grid and Socut24 expects to save €2.4m a
YEARûONûTHEûlNANCINGûAFTERûTHEûACQUISITIONûOFû
&INANZCHECKDEû4HEûRElNANCINGûWILLûHAVEûAû
one-off cost of €4.1m in 2018.
Scout24 is acquiring Finanzcheck.de from
Acton Capital Partners, btov Partners,
(IGHLANDû%UROPE û(ARBOUR6ESTû0ARTNERSûANDû
&INANZCHECKDESûFOUNDERûANDûCHIEFû
EXECUTIVEûOFlCERûANDûOTHERS
In April, Scout24 repaid €250m of its
existing syndicated loan using proceeds
from its debut €215m Schuldschein and
EXCESSûCASHûmOWû4HEûLOANûTOTALLEDûõMû
after the repayment.
4HEûCOMPANYûAGREEDûTHEûUNSECUREDûlVE
YEARûSYNDICATEDûLOANûINû$ECEMBERûûFORû
õM ûCOMPRISINGûAûõMûTERMûLOANûANDû
a €200m revolving credit facility.
The term loan was fully drawn, while the
revolver was initially €80m drawn. The
COMPANYûMADEûTWOûõMûREPAYMENTSûONû
THEûlNANCINGûINû!UGUSTûûANDû*ANUARYû
2018.

FREENET USES €280m BRIDGE LOAN
FOR CECONOMY STAKE BUY

'ERMANûINDEPENDENTûTELECOMSûPROVIDERû
FREENET backed its acquisition of a 9.1% stake
in consumer electronics retailer Ceconomy
with a €280m bridge loan from UniCredit.
UniCredit acted as bookrunner,
coordinator facility agent and sole lender on
the loan.
Freenet announced at the end of June that
it was acquiring the stake through a rights
issue, representing a consideration of
€277.4m.
&REENETûAGREEDûAûõMûlVE
YEARû
syndicated loan in October 2017 via
ARRANGINGûBANKSû"AYERN," û#OMMERZBANK û
,""7ûANDû5NI#REDITû4HATûLOANûCOMPRISEDûAû
õMûAMORTISINGûTERMûLOANûANDûAûõMû
revolving credit facility.
4HEûlNANCINGûWASûUSEDûTOûCOMPLETEûTHEû
RElNANCINGûOFûAûBRIDGEûLOANûTHATûWASûPUTûINû
PLACEûINû-ARCHûûTOûBACKû&REENETSû
€714m acquisition of a stake in Swiss
telecoms provider Sunrise and subsidiary

-OBILCOM

$EBITELSûõMûACQUISITIONûOFû

Media Broadcast.

GIESECKE + DEVRIENT GETS DEBUT

€200m SCHULDSCHEIN

'ERMANûSECURITYûTECHNOLOGYûCOMPANYû

GIESECKE + DEVRIENT has placed a debut €200m

3CHULDSCHEINDARLEHENû33$   

Proceeds will be used for general

corporate purposes including supporting

operational growth in the areas of payment,

connectivity, identities, and digital security.

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BayernLB and DZ Bank, comprises tranches

WITHûMATURITIESûOFûlVEûSEVENûANDûûYEARS

High demand from investors – including

savings banks and cooperative intuitions as

WELLûASû'ERMANûCOMMERCIALûBANKSûnûSAWûTHEû

original target more than double.

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#OMMERZBANKû$EUTSCHEû"ANKû$:û"ANKû

HSBC, and UniCredit, according to Thomson

2EUTERSû,0#ûDATA

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€120m term loan, a €180m revolving credit

facility and a €500m guarantee facility.

-UNICHûHEADQUARTEREDû'IESECKEûû

$EVRIENTûGENERATEDûSALESûOFûAROUNDûõBNû

INûû4HEûCOMPANYSûCUSTOMERûBASEû

mainly comprises central and commercial

banks, mobile network operators, business

enterprises, governments, and public

authorities.

IRELAND

GOSHAWK AVIATION INCREASES

LOAN TO US$430m

$UBLIN

BASEDûAIRCRAFTûLEASINGûCOMPANYû

GOSHAWK AVIATION LTDûHASûINCREASEDûITSûlVE

YEARûTERMûLOANûTOû53MûAFTERûSIXûBANKSû

joined in general syndication.

Sole mandated lead arranger and

bookrunner Agricultural Bank of China Hong

Kong branch launched the deal in March at an

INITIALûSIZEûOFû53M

The Chinese bank then signed and pre-

FUNDEDûTHEûFACILITYûATû53MûONû-AYû

By the end of June, SG Asset, First

Commercial Bank, Hua Nan Commercial Bank

and Taiwan Business Bank joined to close the

DEALûATû53Mû-OREûRECENTLYûRoyal Bank

of Canada and Chong Hing Bank came in to

INCREASEûTHEûLOANûSIZEûTOû53M

The bullet deal offered a top-level all-in

PRICINGûOFûBPûBASEDûONûANûINTERESTû

MARGINûOFûBPûOVERû,IBOR

4HEûBORROWERSûAREû$IONYSUSû!VIATIONû$!#û

ANDû-AGUEYû$UTCHû!VIATIONû"6û4HEû

GUARANTORûISû'OSHAWKû!VIATIONû&UNDSûAREû

for general corporate purposes.

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COUNTSû(ONGû+ONGSû#HOWû4AIû&OOKû

%NTERPRISESû,TDûANDû.73û(OLDINGSû,TDûASû

equal shareholders.

ITALY

AMPLIFON BACKS GAES GROUP

BUY WITH LOAN

Italian hearing aid distributor AMPLIFON is

lNANCINGûITSûõMûACQUISITIONûOFû3PANISHû

HEARINGûAIDûRETAILERû'!%3û'ROUPûWITHûAûlVE

year term loan fully underwritten by

UniCredit.

Post-acquisition leverage is expected to be

AROUNDûûTIMESûANDû!MPLIFONûEXPECTSûAû

RAPIDûDELEVERAGINGûTHANKSûTOûSTRONGûCASHûmOWû

GENERATIONûAFTERûTHEûCOMBINATIONûWITHû'!%3

The acquisition is expected to close by the

end of the fourth quarter.

!MPLIFONûISûACQUIRINGû'!%3ûFROMûTHEû

'ASSOûFAMILYû'!%3ûHADûREVENUESûOFûAROUNDû

€210m in 2017 with adjusted Ebitda of

AROUNDûõM

PIRELLI CLOSES €525m SCHULDSCHEIN

Italian tyre maker PIRELLI has closed a €525m

3CHULDSCHEINDARLEHENû33$   

4HEû33$ûWILLûBEûUSEDûTOûRElNANCEûEXISTINGû

DEBTûFURTHERûOPTIMISINGû0IRELLISûSTRUCTUREû

and keeping costs in check in the context of

a volatile credit market.

4HEûlNANCINGûCOMPRISESûAûõMûTHREE

YEARûTRANCHEûAûõMûlVE

YEARûTRANCHEûANDû

a €20m seven-year tranche.

Pirelli tapped the loan market in July 2017

FORûAûõBNûLOANûRElNANCINGûINû*ULYûûVIAû

global coordinators JP Morgan, Banca IMI

ANDû-5&'

ChemChina agreed to become the

majority owner of Pirelli in March 2015, as

PARTûOFûAûõBNûDEAL

NETHERLANDS

WERELDHAVE AGREES €350m

SHORT-TERM REVOLVER

$UTCHûPROPERTYûCOMPANYûWERELDHAVE has

AGREEDûAûõMûTWO

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revolving credit facility (RCF) that will serve

as a liquidity bridge.

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COMPANYSûEXISTINGûõMû2#&ûWHICHûWASû

EXTENDEDûBYûONEûYEARûTOûûINû&EBRUARYûASû

WELLûASûAûRECENTûõMûRElNANCINGûOFûAû

MATURINGûFACILITYûINû"ELGIUMûFORûlVEûYEARS

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lVE

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Bank, Royal Bank of Scotland and Rabobank.