IFR International - 28.07.2018

LOANS LEVERAGED LOANS

4HEû
DAYûLOANûCANûBEûUSEDûFORûGENERALû
corporate purposes.
JP Morgan, BNP Paribas, Citigroup and RBC
are joint lead arrangers and joint
bookrunners.
0RICINGûFORûTHEûlVE
YEARûANDûTHEûTHREE
YEARû
FACILITYûISû#$3
BASED ûRANGINGûONûAûRATINGSû
grid from a minimum margin of 10bp to a
maximum margin of 112.5bp.
4HEûlVE
YEARûFACILITYûALSOûPAYSûAûFACILITYûFEEû
ranging from 4bp to 10bp, while the three-
year facility pays a commitment fee ranging
from 4bp to 9bp.
$RAWNûPRICINGûONûTHEûNEWû
DAYûLOANûISû
ALSOû#$3
BASEDûWITHûAûmOORûOFûBPûANDûAû
CAPûOFûBPû4HEREûISûALSOûAûBPûCOMMITMENTû
fee.
The joint bookrunners were joined by
Mizuho, Mizuho, Banco Santander, Bank of
America Merrill Lynch, Barclays, Deutsche Bank,
HSBC Bank, Societe Generale, Wells Fargo, MUFG,
Commerzbank, Credit Suisse, Goldman Sachs, ING,
SMBC, TD Bank, UniCredit, US Bank, Bank of
China, ANZ Banking Group, DBS, PNC, Standard
Chartered, Bank of Nova Scotia, BBVA, Banco
Bradesco, CIBC, Danske Bank, Lloyds, Raiffeisen
Bank International, Northern Trust, and State
Street Bank.
VENTAS INC said it extended the maturity
and reduced pricing on a US$900m term
loan facility, with Bank of America Merrill
,YNCHûASûADMINISTRATIVEûAGENT
4HEûNEWûCREDITûINCLUDESûAû53MûTERMû
LOANûDUEûINûûANDûAû53MûTERMûLOANû
maturing in 2024, and the total facility can
be increased to US$1.5bn, according to a
REGULATORYûlLING
4HEûEXISTINGûFACILITY ûALSOûWITHû"!-,ûASû
administrative agent, was set to mature in
2020.
Based on credit ratings, the new loans are
PRICEDûATûBPûOVERû,IBOR
!CCORDINGûTOûAûSEPARATEûlLING ûTHEû
company as of the end of March said the
existing facility was priced at 97.5bp over
,IBOR
3ENIORûUNSECUREDûDEBTûRATINGSûFORû6ENTASû
AREû"AAûBYû-OODYSû)NVESTORSû3ERVICEûANDû
"""ûBYû30
6ENTASûISûAûREALûESTATEûINVESTMENTûTRUSTû
with about 1,200 assets that provides capital
to seniors housing, healthcare companies
and research

WELLTOWER AGREES US$3bn LOAN

Healthcare-focused real estate investment
trust WELLTOWER INC said it agreed to a
53BNûREVOLVINGûCREDIT ûASûWELLûASû
US$500m and C$250m term facilities,
replacing existing facilities of the
same size.
The revolving credit matures July 19,
2022 and the term facilities are due July 19,
 ûACCORDINGûTOûAûREGULATORYûlLINGû4HEû

revolver can be extended for two six-month

periods.

The revolver and US dollar-based facilities

can be increased by a total of US$1bn, and

the Canadian dollar-based term loan can be

doubled in size.

KeyBank is administrative agent. There are

ûLENDINGûBANKS

Bank of America Merrill Lynch, JP Morgan and

Deutsche Bank are US joint lead arrangers.

BAML, JP Morgan and RBC are Canadian joint

lead arrangers. BAML and JP Morgan are joint

bookrunners.

Based on current credit ratings, pricing

FORûTHEûREVOLVERûISûBPûOVERû,IBORûANDû

pricing for the term facilities is 90bp over

the benchmark. There is a 15bp facility fee.

Welltower has investment-grade ratings

OFû"AAûBYû-OODYSû)NVESTORSû3ERVICEûANDû

"""ûBYû30

WESTLAKE CHEMICAL said it amended and

EXTENDEDûAû53BNûlVE

YEARûSENIORû

unsecured revolving credit facility, to be

used for working capital and general

corporate purposes.

4HEûMATURITYûWASûPUSHEDûOUTûTOû*ULYûû

from August 2021, the company said in a

statement. JP Morgan leads.

The company, based in Houston, Texas, is

an international manufacturer and supplier

of petrochemicals, polymers and building

products.

7ESTLAKEû#HEMICALûISûRATEDû"""ûBYû30û

ANDû"AAûBYû-OODYSû)NVESTORSû3ERVICE

The SHERWIN-WILLIAMS CO said it

amended an existing credit agreement, with

Citigroup as administrative agent

and issuing bank, that increases the amount

AVAILABLEûUNDERûTHEûCOMPANYSûREVOLVINGû

letter of credit by US$125m

to a total of US$875m, according to a

REGULATORYûlLING

Of the total, US$200m matures June 20,

û53MûCOMESûDUEû$ECEMBERûû

2021, US$150m matures June 20, 2022,

53MûEXPIRESû$ECEMBERûûûANDû

53MûMATURESû*UNEûû

4HEûAMENDMENTûISûTOûTHEûCOMPANYSû

CREDITûAGREEMENTûDATEDû-AYûû

Separately, as previously reported

BYû,0#ûTHEûCOMPANYûANDûSEVERALû

subsidiaries last week announced a new

53BNûlVE

YEARûCREDITûFACILITYûTOûBEûUSEDûFORû

general corporate purposes and working

capital needs. The facility can be increased

by up to US$750m and matures July 19,



Citigroup is administrative agent. Citi,

7ELLSû&ARGOû"ANKûOFû!MERICAû-ERRILLû,YNCHû

JP Morgan and US Bank are joint lead

ARRANGERSûANDûJOINTûBOOKRUNNERSûONûTHEûlVE

year credit.

Credit ratings for the paint and coatings

COMPANYûAREû"""ûBYû30ûANDû"AAûBYû

-OODYS

LEVERAGED LOANS

UNITED STATES

WESTINGHOUSE TWEAKS US$3.055bn

LOAN STRUCTURE

WESTINGHOUSE ELECTRIC CO has tweaked the

STRUCTUREûONûAûPROPOSEDû53BNûCREDITû

FACILITYûBACKINGûITSûPURCHASEûBYû"ROOKlELDû

Asset Management.

4HEûDEBTûNOWûINCLUDESûAû53BNûlRST

LIENûSEVEN

YEARûTERMûLOANûANDûAû53Mû

second-lien eight-year term loan as opposed

TOûTHEûORIGINALLYûPROPOSEDû53BNûlRST

lien term loan and US$450m second-lien

term loan.

Credit Suisse LEADSûTHEûlRST

LIENûTRANCHEû

while Goldman Sachs leads the second-lien

loan. Joint arrangers include Deutsche Bank,

BMO, Royal Bank of Canada, Barclays and Credit

Agricole.

'UIDANCEûONûTHEûlRST

LIENûPORTIONûlRMEDû

ATûBPûOVERû,IBORûWITHûAûûmOORûANDûAû

discount of 99.5 after initially circulating in

THEûBPnBPûOVERû,IBORûRANGEûWITHûAû

ûmOORûANDûAûDISCOUNTûOFûû4HEûDEALû

includes a 25bp leverage-based stepdown.

Pricing on the second-lien term loan is

NOWûINûTHEûBPnBPûOVERû,IBORûRANGEû

WITHûAûûmOORûANDûAûDISCOUNTûOFûû

VERSUSûINITIALûGUIDANCEûOFûBPûOVERû,IBORû

WITHûAûûmOORûANDûAûDISCOUNTûOFû

4HEûlRST

LIENûLOANûWILLûHAVEûSIXûMONTHSûOFû

soft call protection. The second-lien loan

will now have hard call protection of

102/101 as opposed to the original proposal,

WHICHûWASûNON

CALLABLEûFORûTHEûlRSTûYEARû

followed by hard call protection of



4HEûCORPORATEûRATINGûISû""û4HEûlRST

LIENû

loan is rated B1/B. The second-lien loan is

rated Caa1/B–.

AMERICAS LOANS BOOKRUNNERS – FULLY

SYNDICATED VOLUME

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 BAML 722 220,095.12 12.1

2 JP Morgan 643 200,951.03 11.1

3 Wells Fargo 503 147,093.50 8.1

4 Citigroup 343 117,342.66 6.5

5 Goldman Sachs 237 77,904.26 4.3

6 Barclays 277 76,411.07 4.2

7 RBC 273 70,603.61 3.9

8 Morgan Stanley 178 66,314.41 3.7

9 MUFG 178 62,616.21 3.5

10 Deutsche Bank 221 54,683.89 3.0

Total 2,580 1,813,043.60

Proportional credit

Source: Thomson Reuters SDC code: R7