IFR International - 28.07.2018

with existing debt, with a step down to
BPûWHENûCORPORATEûRATINGSûAREû""û
(stable/stable) or better.
The debt, which matures in 2024, has a 1%
mOORûONûTHEûBENCHMARKûANDûûSOFTûCALLû
protection that will be reset for six months.
Terms on a US$50m incremental second
LIENûREMAINûUNCHANGEDûATûBPûPLUSû,IBORû
with a step down to 750bp when corporate
ratings are B2/B (stable/stable) or better. This
loan, which is also fungible, matures in
û)TûHASûAûû,IBORûmOORûANDûWILLûBEûSOLDû
at 99.25 cents.
,ENDERSûWILLûBEûPAIDûAûBPûCONSENTûFEEû
The borrower is USS Ultimate Holdings Inc.
!BOUTû53MûOFûTHEûPROCEEDSûWILLûBEû
used to replenish cash funds used for a recent
acquisition and to fund two additional
acquisitions that have signed letters of intent.
Bank of America Merrill Lynch, Morgan Stanley,
Jefferies, Goldman Sachs and Deutsche Bank are
ARRANGINGûTHEûlNANCINGûFORû5NITEDû3ITEû
Services, which is controlled by sponsor
Platinum Equity.

LIGHTSTONE TAKES US$300m ADD ON

Power generator LIGHTSTONE is looking to add
ONû53MûTOûITSûEXISTINGûTERMûLOANûDUEûINû
January 2024 to back a dividend.
Commitments are due August 1 and Credit
Suisse is leading.
The new debt will be fungible with the
existing loan and is expected to be issued at
a discount of 99.5.
4HEûEXISTINGûLOANûISûPRICEDûATûBPûOVERû
,IBORûWITHûAûûmOORû4HEûCOMPANYûLOWEREDû
PRICINGûTOûTHISûLEVELûFROMûBPûOVERû,IBORû
in January.
,ENDERSûAREûBEINGûOFFEREDûAûBPû
consent fee. The transaction will reset soft
call protection of 101 for six months.
4HEûDEBTûISûRATEDû"A""
û4HEûISSUERûISû
,IGHTSTONEû(OLDCOû,,#
The borrower is backed by private equity
lRMSû"LACKSTONEûANDû!RC,IGHTû#APITALû
Partners.

VETCOR ALLOCATES US$450m LOAN

VETCOR PROFESSIONAL PRACTICES has allocated a

53MûSEVEN

YEARûlRST

LIENûTERMûLOAN

Pricing on the loan cleared in line with

GUIDANCEûATûBPûOVERû,IBORûWITHûAûûmOORû

The loan sold at a 99.5 original issue

discount and has 101 soft call protection for

six months.

Jefferies and Golub Capital arranged the loan

ALONGûWITHûAû53MûlVE

YEARûREVOLVER

4HEûlRST

LIENûFACILITIESûAREûPARTûOFû

53MûINûDEBTûFUNDINGûTHATûTHEû

veterinary hospital platform is raising to

back its acquisition by Oak Hill Capital

Management.

The company has already pre-placed a

53MûDELAYEDûDRAWûlRST

LIENûTERMûLOANûAû

US$195m eight-year second-lien term loan

and a US$40m delayed draw second-lien

term loan. The delayed draw term loans

have a commitment period of 24 months.

#ORPORATEûFAMILYûRATINGSûAREû""û

First-lien facility ratings are B2/B and

second-lien facility ratings are Caa2/

CCC+.

PNC Bank has closed a US$575m

credit facility the bank provided to Warren,

Pennsylvania-based UNITED REFINING COMPANY.

PNC Business Credit, the asset-based

lending division of PNC Bank, led the

transaction, with PNC Bank serving as

administrative agent, lead arranger and

bookrunner and PNC Capital Markets as

syndication agent.

United will use some of the loan proceeds

to complete payment for the purchase of

%NBRIDGEû0IPELINEû)NCSû,

ûPIPELINEûANDû

for a multi-year pipeline repair and

improvement project that was completed in

April 2018, PNC said.

Founded in 1902, United is an

INDEPENDENTûRElNERûANDûMARKETERûOFû

petroleum products.

EUROPE/MIDDLE EAST/

AFRICA

IMERYS DELAYS BUYOUT LOAN

COMMITMENTS

&RENCHûROOlNGûBUSINESSûIMERYS has delayed

COMMITMENTSûONûITSûõMûLOANûPACKAGEû

after widening pricing on the deal.

!ûõMûSEVEN

YEARû4ERMû,OANû"ûISûNOWû

offered at 99 from 99.5, with an unchanged

MARGINûOFûBPûOVERû%URIBORûWITHûAûûmOOR

A €100m eight-year second-lien facility is

SETûATûBPûOVERû%URIBORûWITHûAûûmOORû

WHILEûAûõMûûYEARûREVOLVINGûCREDITû

FACILITYûISûSETûATûBPûOVERû%URIBORûWITHûAûû

mOOR

0ROCEEDSûBACKû,ONEû3TARSûCARVE

OUTûOFû

)MERYSûROOlNGûBUSINESS

Barclays, Credit Suisse and NatWest Markets

are bookrunners.

#OMMITMENTSûONûTHEû4ERMû,OANû"ûAREû

now due on August 1.

,ONEû3TARûAGREEDûTOûBUYû)MERYSûROOlNGû

business for €1bn in May at a multiple of

NEARLYûûTIMESûTHEûBUSINESSSû%BITDAûOFû

€115m.

4HEûROOlNGûUNITûISûPARTûOFû)MERYSûCERAMICû

materials business, which saw declining

earnings last year due to lower housing

renovation activity and a challenging

market for its kaolin product.

,ONEû3TARûPREVIOUSLYûBOUGHTû'ERMANû

BUILDINGûMATERIALSûBUSINESSû8ELLAûFORûõBNû

INûLATEûûSUBSEQUENTLYûBUYINGû3PANISHû

peer Ursa last summer.

)MERYSûISûISSUINGûTHEûDEBTûTHROUGHû,3&û

Impala Investments.

AZELIS SETS FINAL TERMS

Belgium-based chemicals distribution group

AZELIS has rescheduled commitments on its

õMû4ERMû,OANû"ûTOû-ONDAYûAFTERNOONû

after making some documentation changes.

4HEû4,"ûHASûlNALûGUIDANCEûOFûBPûWITHû

AûûmOORûANDûAûû/)$

It is part of a total €1.095bn debt package

that also includes a €100m six-year revolver,

AûõM

EQUIVALENTûSTERLING

DENOMINATEDû

SEVEN

YEARûlRST

LIENû4ERMû,OANû"ûAûõMû

eight-year second-lien term loan and a

€95m-equivalent Canadian-dollar

denominated eight-year second-lien term

loan.

4HEûSTERLINGû4ERMû,OANû"ûANDûTWOûSECOND

lien loans have been pre-placed. The term

loans are covenant-lite, while the revolver

includes a springing leverage covenant and

ISûPRICEDûATûBPûOVERû%URIBORûWITHûAûû

mOOR

Joint physical bookrunners are Goldman

Sachs, JP Morgan and ING. Joint bookrunner is

HSBC.

Azelis, which handles sales and

development of the Mirasil cosmetics line

and distributes food and beverage

mAVOURINGSûWASûCONSIDERINGûAûûSTOCKû

market listing at a valuation of more than

õBNû2EUTERSûREPORTEDûINû$ECEMBERû

!PAXûBOUGHTû!ZELISûINûEARLYûûFROMûIû

WHICHûACQUIREDûITûINûûINûAûõMûDEAL

CEVA INCREASES REFINANCING

LOAN TO US$475m

,OGISTICSûCOMPANYûCEVA has increased a

proposed seven-year term loan backing a

RElNANCINGûEFFORTûTOû53MûFROMû

US$400m, sources said.

4HEû$UTCH

BASEDûCOMPANYûALSOûPLANNEDûTOû

ARRANGEûAû53MûREVOLVINGûCREDITûFACILITYû

DUEûINûûCredit Suisse and HSBC served as

joint global coordinators on the deal.

US LEVERAGED LOANS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)

1 BAML 415 84,866.17 10.2
2 JP Morgan 368 82,853.55 10.0
3 Wells Fargo 286 65,551.22 7.9
4 Barclays 209 50,744.36 6.1
5 Credit Suisse 203 45,441.78 5.5
6 Goldman Sachs 194 44,482.21 5.4
7 Deutsche Bank 193 40,382.96 4.9
8 Citigroup 172 37,707.88 4.5
9 Morgan Stanley 140 32,286.05 3.9
10 RBC 164 30,406.08 3.7
Total 1,396 830,026.78
Excluding Project Finance.
Source: Thomson Reuters SDC code: P2