4HEûINTERESTûMARGINSûAREûBPûANDûBPû
OVERû,IBORûFORûTHEûTHREEûANDûlVE
YEARû
pieces, respectively. The marketed
REMAININGûLIFEûISûûYEARS
,EADûARRANGERSûCOMMITTINGû53MûORû
MOREûWILLûRECEIVEûALL
INûPRICINGûOFûBPû
with a participation fee of 50bp and
arrangers joining with US$20m–$29m
EARNûALL
INûPRICINGûOFûBPûWITHûAûBPû
fee.
Managers joining with US$10m–$19m
EARNûALL
INûPRICINGûOFûBPûWITHûAûBPû
fee. Commitments are due on August 10.
)Nû.OVEMBERû û!$#" ûWHICHûISûRATEDû
!! û30&ITCH ûRAISEDûAû53MûTHREE
year senior unsecured term loan via Wells
Fargo with top-level all-in pricing of
115.4bp, a margin of 95bp and a 59bp
upfront fee.
UK
STENN INTERNATIONAL CLOSES UP TO
US$500m FINANCING
5+
BASED ûNON
BANKûTRADEûlNANCEûPROVIDERû
STENN INTERNATIONAL LTD has closed an up to
53MûSENIORûlNANCINGûFACILITYûWITHû
Natixis.
The funding, which is supported by trade
lNANCEûINSURANCEûFROMûGLOBALûINSURERû!)' û
ISûINûADDITIONûTOûAû53MûPLATFORMû
launched by Stenn and credit-focused
ALTERNATIVEûASSETûMANAGEMENTûlRMû#RAYHILLû
#APITALû-ANAGEMENTûINû
4HEûlNANCINGûWILLûHELPû3TENNûPROVIDEû
TRADEûlNANCEûTOûADDITIONALûCUSTOMERSûANDû
geographical markets currently
UNDERSERVEDûBYûTRADITIONALûBANKûlNANCING
The company has seen an increase in
DEMANDûFORûmEXIBLEûSHORT
TERMûlNANCINGû
from both suppliers and buyers.
“In light of the increasing globalisation of
supply chains, Basel III restrictions on trade
lNANCE ûANDûGLOBALûSHIFTSûINûTARIFFû
regulations, banks are being compelled to
limit their participation in some trade
lNANCEûSEGMENTS ûSUCHûASûTRADEûBETWEENû
EMERGINGûANDûDEVELOPEDûECONOMIES vû'REGû
+ARPOVSKYûANDû!NDREYû0OLEVOY û3TENNSûCO
founders said.
“Stenn provides working capital to all
types of companies around the world, from
large corporates to mid-size and smaller
COMPANIESûTHATûDONTûHAVEûADEQUATEûACCESSû
TOûCROSS
BORDERûTRADEûlNANCE vû+ERSTINû#û
Braun, president of Stenn said.
“With this new facility in place, we are
MOREûPREPAREDûTHANûEVERûTOûlLLûTHESEû
funding gaps.”
3TENNûOPERATESûGLOBALLYûANDûHASûOFlCESû
,OSû!NGELES û$ALLAS û.EWû9ORK û,ONDON û
(AMBURG û3TUTTGART û3INGAPORE û(ONGû+ONG û
3HANGHAI û'UANGZHOUûANDû#HONGQING
IG GROUP AGREES £200m LOAN REFI5+ûlNANCIALûSPREADûBETTINGûCOMPANYûIG GROUP
HASûAGREEDûAûaMûLOAN ûREPLACINGûITSû
EXISTINGûaMûREVOLVINGûCREDITûFACILITYû2#&
4HEûlNANCINGûISûUSEDûFORûLIQUIDITYûRISKû
management and is drawn on during
periods of high broker margin levels or in
advance of events that could result in
elevated broker margin requirements,
including important political events.
4HEûlNANCING ûWHICHûWASûAGREEDûWITHû
FOURû5+ûBANKS ûCOMPRISESûAûaMûTHREE
YEARûTERMûLOANûANDûAûaMûONE
YEARû2#&û
with a one-year extension option.
The previous RCF, which was with
"ARCLAYS û(3"# û,LOYDSûANDû2OYALû"ANKûOFû
3COTLAND ûCOMPRISEDûAûaM ûONE
YEARû
facility with a one-year extension option,
ANDûAûaM ûTHREE
YEARûFACILITY
%STABLISHEDûINûûASûTHEûWORLDSûlRSTû
SPREADûBETTINGûlRMû)'û'ROUPûGENERATESûTHEû
majority of its revenue from leveraged
trading services including contracts for
DIFFERENCEûANDûSPREADûBETTINGûINûTHEû5+ûANDû
Ireland).
The company also offers non-leveraged
share dealing and wealth-management
products.RICARDO COMPLETES £150m LOAN REFI5+ûENGINEERING ûTECHNICAL ûENVIRONMENTALû
and strategic consultancy RICARDO PLC has
COMPLETEDûAûaMûLOANûRElNANCING û
INCREASINGûITSûEXISTINGûaMûFACILITYûANDû
extending the maturity of the loan out to
*ULYûûONûIMPROVEDûTERMS
4HEûINCREASEDûlNANCINGûSUPPORTSûTHEû
COMPANYSûACQUISITIONûANDûINVESTMENTû
growth strategy.
Existing lenders Lloyds and HSBC have
been joined by NatWest and Bank of Ireland.
The previous facility was originally
arranged in June 2015 and was due to
MATUREûINû*UNEûû4HEûlNANCINGûHELPEDû
lNANCEû2ICARDOSûaMûACQUISITIONûOFûRAILû
CONSULTANCYûlRMû,LOYDSû2EGISTERû2AIL
The loan paid a margin ranging between
BPûANDûBPûOVERû,IBORûDEPENDINGûONû
leverage.HUNTSWORTH TAPS ACCORDION
FOR ACQUISITION5+ûPUBLICûRELATIONSûANDûHEALTHCAREû
communications group HUNTSWORTH has
EXERCISEDûaMûOFûITSûaMûACCORDIONû
facility, increasing its multi-currency
REVOLVINGûCREDITûFACILITYûTOûaMûFROMû
aMûPREVIOUSLY
The increased facility will be used to help
fund the US$72.2m acquisition of healthcare
MARKETINGûAGENCYû'IANTû#REATIVEû3TRATEGY û
which was announced earlier this month.4HEûlNANCINGûISûCOMMITTEDûTOû3EPTEMBERû
ûALONGûWITHûTHEûREMAININGûaMû
uncommitted accordion. The company also
HASûAûaMûUNCOMMITTEDûOVERDRAFTûFACILITY
Post-acquisition Huntsworth will have
INCREASEDûNETûDEBTûOFûaMûANDûLEVERAGEûOFû
2.5 times last twelve months Ebitda, up
FROMûaMûANDûûTIMESûBEFOREûTHEû
acquisition.
The company plans rapid deleveraging in
the second half.
The facility was originally arranged in
ûFORûaMûVIAû"ARCLAYS û(3"#û"ANKûANDû
,LOYDSû"ANK. 4HEûlNANCINGûWASûVOLUNTARILYû
REDUCEDûTOûaMûINûûANDûINCREASEDûTOû
aMûINû*ULYû
The facility was amended and extended in
March 2018, extending the maturity to
September 2021.UK-FINDEL EXTENDS £100m LOAN5+ûMULTI
CHANNELûRETAILERûFINDEL has
EXTENDEDûTHEûMATURITYûOFûITSûEXISTINGûaMû
revolving credit facility by one year to
$ECEMBERû
4HEûlNANCINGûWASûORIGINALLYûARRANGEDûINû
ûFORûaMûVIAûMANDATEDûLEADûARRANGERSû
"ARCLAYS û(3"# û)#"# û,LOYDSûANDû2OYALû"ANKû
of Scotland; and participant Allied Irish Banks.
4HEûFACILITYûWASûREDUCEDûTOûaMûINû
!PRILûûAFTERûTHEûSALEûOFû+ITBAG ûREDUCEDû
TOûaMûINû-ARCHû ûANDûTOûaMûINû
-ARCHûû4HEûlNANCINGûWASûDUEûTOû
REDUCEûBYûAûFURTHERûaMûINû-ARCHû
Retailer and distributor Findel is active in
the home shopping and education supplies
market. The company had revenues of
aMûINûNORTH AMERICA
UNITED STATES
IBM AMENDS AND EXTENDS
US$10.25bn OF LOANSINTERNATIONAL BUSINESS MACHINES CORP (IBM) has
AMENDEDûANDûEXTENDEDûAû53BNûlVE
year credit agreement.
The company also said it has amended
and extended a US$2.5bn three-year credit
agreement and subsequently entered a new
53BNû
DAYûCREDIT
4HEû53BNûlVE
YEARûCREDITSû
MATURITYûWASûEXTENDEDûTOû*ULYû û
The revised three-year credit facility
entered in July 2017 factors in, among
changes, the possible discontinuation of
,IBORûWHILEûEXTENDINGûTHEûMATURITYûTOû*ULYû
û ûACCORDINGûTOûTHEûlLING