IFR International - 28.07.2018

LOANS EMEA

4HATûlNANCINGûHADûTWOûONE
YEARû
extension options and also included a
€100m accordion facility.
Schipol-headquartered Wereldhave is a
closed-end investment company focused on
shopping centres in France, Belgium, the
Netherlands and Finland.

QATAR

OOREDOO SIGNS US$200m LOAN

Qatari telecoms company OOREDOO has
SIGNEDûAû53MûlVE
YEARûTERMûLOANûFROMû
KfW IPEX-Bank TOûFUNDûTHEûCOMPANYSû
investment programme, sourced from its
European supply chain partners.
Ooredoo signed a US$1bn six-year
REVOLVINGûCREDITûFACILITYûINûUNEûû4HATû
loan was used for general corporate
PURPOSES ûINCLUDINGûTHEûRElNANCINGûOFûDEBTû
that was due to mature in March 2017.
1ATARû.ATIONALû"ANK û!.:û"ANKINGû
'ROUP û"ANKûOFû!MERICA
-ERRILLû,YNCH û"ANKû
OFû4OKYO
-ITSUBISHIû5& û#ITIGROUP û$"3 û
(3"# ûANDû-IZUHOûPROVIDEDûTHATûlNANCING

SOUTH AFRICA

SOUTH AFRICA’S ESKOM GETS
US$2.5bn LOAN

3OUTHû!FRICASûSTATEûUTILITYûESKOM has signed
Aû53BNû2BN ûLOANûAGREEMENTûWITHû
China Development Bank which will be used to
FUNDûTHEûCOMPANYSûBUILDINGûPROGRAMME û
INCLUDINGûITSû+USILEûPOWERûSTATION
The facility is guaranteed by the
government and will allow Eskom to draw
DOWNûONûTHEûCASHûOVERûAûPERIODûOFûUPûTOûlVEû
years.
4HEûLOANûCOMPLETESû%SKOMSûCOMMITMENTû
TOûIMMINENTLYûSECUREûûOFûITSûlNANCIALû
year 2018/2019 funding requirement, as laid
OUTûINûTHEûCOMPANYSûRESULTSûPRESENTATIONû
ONû*ULYû ûSAIDû#ALIBû#ASSIM û%SKOMSûACTINGû
CHIEFûlNANCIALûOFlCER
Eskom - which is emerging from a
leadership crisis - admitted last November
that it is experiencing liquidity problems.
h"OTHûLOCALûANDûINTERNATIONALûlNANCIALû
markets have demonstrated an improved
APPETITEûFORû%SKOMSûCREDITûANDûWEûAREû
CONlDENTûTHATûWEûWILLûFULLYûEXECUTEûTHEû
required funding for the year. Our liquidity
levels are continuing to improve and our
lNANCIALûSUSTAINABILITYûISûONûTHEûMENDv û
Cassim said.
In February Eskom signed a R20bn
(US$1.7bn) short-term facility with a
consortium of local and international banks.
In July 2017 Eskom signed a US$1.5bn
2BN ûLOANûAGREEMENTûWITHû#HINAû

$EVELOPMENTû"ANKûTOûPARTLYûlNANCEûITSû

Medupi coal power plant.

SPAIN

CELLNEX GOES GREEN ON €500m

LOAN RENEWAL

Spanish wireless infrastructure company

CELLNEX TELECOM has renewed its existing

€500m syndicated loan, partly linking the

applicable interest margin to its

ENVIRONMENTALûSOCIALûANDûGOVERNANCEû%3'   û

sustainability rating.

5NDERûTHEûRENEWALûTHEûlNANCINGûHASûBEENû

EXTENDEDûTOû

4HEû%3'ûRATINGûWILLûBEûPROVIDEDûBYû

Sustainalytics, an independent provider of

%3'ûRESEARCHûANDûRATINGSû#ELLNEXûWASûADDEDû

TOû3USTAINALYTICSû%3'ûSUSTAINABILITYûINDEXû

on June 29.

4HEûlNANCINGûWASûORIGINALLYûARRANGEDûINû

!UGUSTûûVIAûAûCLUBûSYNDICATEûOFû"ANCAû

IMI, Barclays, BNP Paribas, Caixabank,

'OLDMANû3ACHSû).'û-EDIOBANCAû-ORGANû

Stanley, Natixis, Royal Bank of Scotland,

3ANTANDERû3OCIETEû'ENERALEûANDû5NI#REDIT

4HEûlNANCINGûHADûAûlVE

YEARûMATURITYû

with two one-year extension options.

APPLUS DIVERSIFIES DEBT ON

€830m REFI

3PANISHûTESTINGûINSPECTIONûANDûCERTIlCATIONû

company APPLUSûHASûAGREEDûAûõMû

RElNANCINGûREPLACINGûITSûEXISTINGûõMû

senior secured loan that was due to mature

in June 2020.

4HEûRElNANCINGûCOMPRISESûANûUNSECUREDû

õMûMULTICURRENCYûLOANûANDûAûõMû53û

private placement.

Applus said it had taken advantage of

favourable market conditions including

historically low long-term euro interest

RATESûANDûTOûDIVERSIFYûITSûSOURCESûOFûlNANCE

4HEûLOANûCOMPRISESûAûõMûlVE

YEARû

TERMûLOANûANDûAûõMûlVE

YEARûREVOLVINGû

credit facility. Both facilities have two one-

year extension options.

The drawn margin at current leverage

levels is 110bp over Euribor.

Applus amended and extended its

previous loan in June 2015, extending the

maturity by one year to June 2020 and

REDUCINGûTHEûMARGINûTOûBPûOVERû%URIBORû

from 225bp previously.

Banco Santander, BNP Paribas, Caixabank,

Credit Agricole CIB, Mizuho and Societe Generale

were mandated lead arrangers and joint

bookrunners on the new loan, while

Barclays, Citigroup and MUFG are mandated

lead arrangers.

The private placement is being provided

by two well-recognised US private

placement lenders, led by Pricoa Capital in

CONJUNCTIONûWITHû-ET,IFEû)NVESTMENTû

Management, and comprises a €150m seven-

year facility and an €80m 10-year facility,

both with bullet repayments.

The blended annual interest cost on the

TWOûTRANCHESûISûAûlXEDûRATEûOFû

SWEDEN

NOBIA AGREES SKr2bn LOAN REFI

Swedish kitchen specialist NOBIA has agreed

Aû3+RBNû53M   ûlVE

YEARûSYNDICATEDû

LOANûRENEWINGûANûEXISTINGû3+RBNû

syndicated facility.

4HEûlNANCINGûWASûALSOûUSEDûTOûFUNDû

.OBIASûRECENTûACQUISITIONûOFû$UTCHûKITCHENû

supplier Bribus, which was announced

EARLIERûINû*ULYû!ROUNDû3+RBNûOFûTHEûLOANû

is drawn.

4HEûPREVIOUSû3+RBNûFACILITYûWHICHûWASû

arranged in 2014 with a group of three

banks, was due to mature in 2019.

Nobia agreed to acquire Bribus for an

INITIALûCASHûCONSIDERATIONûOFûõMûPLUSûAû

variable consideration of up to €5m.

UAE

EMIRATES NBD IN TALKS TO ROLL OVER

US$1.7bn LOAN

EMIRATES NBDû$UBAISûLARGESTûLENDERûISû

discussing the rolling-over of a US$1.7bn

SYNDICATEDûLOANûITûSIGNEDûINûûWITHû

international banks.

4HEûûLOANûDUEûINû*UNEûûSAWûTHEû

participation of 19 banks and offered a margin

OFûBPûOVERû,IBORû4HOMSONû2EUTERSûDATAû

show. The bank is trying to renew that loan

with better rates, a source said.

%MIRATESû."$ûPOSTEDûAûûRISEûINûSECOND

QUARTERûNETûPROlTûTHISûMONTHûBOOSTEDûBYûAû

climb in net interest income and a drop in

provisions to cover bad loans.

4HEûBANKûMADEûAûNETûPROlTûOFû$HBNû

53M  ûINûTHEûTHREEûMONTHSûTOû*UNEûûITû

SAIDûINûAûSTATEMENTûCOMPAREDûWITHû$HBNû

in the corresponding period of 2017.

ADCB BACK WITH US$400m LOAN

ABU DHABI COMMERCIAL BANK PJSC is returning to

the market for a US$400m loan after a near

two-year absence.

Mizuho Bank is the initial mandated lead

arranger and bookrunner of the facility and

Bank of China joined with the same title

before launch.

The loan is equally split into a three-year

TRANCHEûANDûAûlVE

YEARûPORTIONû/NLYûTHEû

lVE

YEARûTRANCHEûISûBEINGûSYNDICATED