International Financing Review September 8 2018 73LOANS EMEA
The loan is being provided by group of
lenders including Societe Generale as mandated
lead arranger and affiliates of AXA.
The financing has a swapped fixed-rate of
around 2.3%.
The portfolio of 71 German post-acute
hospitals is valued at €1.63bn. Under the
joint venture MPT will retain a 50% interest
in the portfolio.
MPT expects to receive total proceeds -
including its portion of secured debt - of
around €1.14bn from the transaction, which
it will use to repay balances under its
revolving credit facility, make further US
and European hospital asset investments,
and for other corporate purposes.ENCAVIS NETS GREEN SCHULDSCHEINRenewable electricity company ENCAVIS has
placed a €50m Green Schuldscheindarlehen
with a group of international and national
institutional investors.
The financing, which comprised five,
seven and 10-year tranches, closed at the
lower end of the offered interest rates.
DZ Bank was sole arranger and
bookrunner.
Proceeds will be used exclusively for
purposes that have a positive impact on the
climate and the environment.
The Green SSD expands Encavis’s investor
sources by allowing environmental, social
and governance investors to subscribe to the
financing.
The financing, alongside a €97.3m hybrid
convertible bond placed in September 2017,
will mainly be used to finance the acquisition
pipeline of solar parks from two strategic
partnerships with Solarcentury as well as
Power Capital and Ireland Strategic Investment
Fund with a total generation capacity of
roughly 1.3GW over the next two years.
In March, Encavis acquired a 44MW solar
park in the Netherlands as part of the
acquisition pipeline.IRELAND
DALATA EYES REFINANCINGDALATA HOTEL GROUP expects to refinance its
existing bank facilities within the next six
months after securing an additional £100m
revolving credit facility to fund its £91m
acquisition of a hotel under development in
Aldgate, London.
The facility was agreed with Dalata’s
existing club syndicate of banks.
Dalata said that its bank facilities are due
to mature in February 2020 and it is
reviewing its refinancing options.
The company agreed a €318m-equivalent
loan in December 2014 via mandated lead
arrangers Bank of Ireland, Allied Irish Banks
and Ulster Bank Ireland. Bank of Ireland was
also facility and security agent on the
financing.
The secured multicurrency financing
comprised an €84m amortising five-year
term loan; a €198m bullet five-year term
loan and a €20m three-year RCF, all paying a
margin of 300bp over Euribor/Libor.
There was also a €16m bridge loan, which
paid around 350bp over and was undrawn
and subsequently matured.
In May 2016 Dalata agreed an €80m
multicurrency loan maturing in February
2020 and extended and increased the RCF to
€30m. In July 2017 the company increased
to RCF to €80m.
Dalata has acquired the 300-year
leasehold on the hotel in Aldgate from an
international private equity real estate
investor.
The 212-room hotel will be branded
Clayton Hotel Aldgate and is scheduled to be
completed in the fourth quarter and open in
December.ITALY
IGD LINES UP €200m REFIShopping centre real estate company
IMMOBILIARE GRANDE DISTRIBUZIONE is arranging
a €200m unsecured loan to refinance a
€150m bond that is due to mature in
January 2019.
The financing, which will also be used for
general corporate purposes, is for an initial
three years but may be extended to a
maximum of five years.
The loan comprises a €125m tranche,
which will be used to repay the outstanding
amount of the bonds, and a €75m tranche.
BNP Paribas is underwriter, global
coordinator, bookrunner and mandated lead
arranger on the financing, which will be
syndicated.“IGD will finance itself bearing a lower
cost compared to the current average debt
cost, further reducing the debt cost,” IGD
CEO Claudio Albertini said.
“The hedging activity carried out in
relation to the financing will allow IGD to
reach an interest-rate risk hedging ratio
approximately equal to 90%, keeping the
group substantially safe from any rise in the
interest rates.”
IGD agreed a €5m unsecured syndicated
loan in July 2017 from Iccrea Banca Impresa
and Emilbanca Credito Cooperativo.
That four-year bullet loan paid a fixed rate
of 1.85%.NETHERLANDS
NN AGREES €1.75bn REFINANCINGInsurance and asset management company
NN GROUP signed a €1.75bn five-year revolving
credit facility to replace two RCFs totalling
€1.6bn.
The refinancing comes after NN Group
completed its acquisition of Delta Lloyd in
the second quarter of 2017.
The financing, which will be used for
general corporate purposes and has two one-
year extension options, replaces NN Group’s
existing €1bn RCF, originally signed in 2014
and a €600m RCF for Delta Lloyds, originally
signed in 2016.
The new RCF was coordinated by ING with
other bookrunning mandated lead arrangers
ABN AMRO, BNP Paribas, Citigroup, Deutsche
Bank, HSBC, JP Morgan, Natixis, Rabobank,
Societe Generale and UniCredit.
ABN AMRO is facility agent.
NN Group placed €300m and €600m of
senior unsecured bonds in the first half of
2017 to repay a €900m bridge loan that
backed its acquisition of Delta Lloyd.
NN Group is rated BBB+ by S&P and A by
Fitch.SWITZERLAND
TRANSOCEAN TAPS FOR OCEAN RIG BUYDrilling rig operator TRANSOCEAN is backing
its around US$2.7bn acquisition of
international offshore drilling contractor
Ocean Rig UDW with a US$750m fully
committed financing from Citigroup.
The acquisition, which is expected to
close in the first quarter of 2019, will also be
funded with cash on hand and new shares.
Transocean refinanced its existing
revolving credit facility in June via a US$1bn
five-year senior secured RCF. That financing
included an accordion option to allow an
increase to US$1.5bn.EMEA LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BNP Paribas 135 40,825. 12 8.9
2 JP Morgan 50 2 9,021.32 6.3
3 SG 99 27 ,189.41 5.9
4 Deutsche Bank 75 26,931.55 5.9
5 Credit Agricole 118 2 4,932.86 5. 4
6 UniCredit 104 21,484.92 4 .7
7 Citigroup 63 2 0,308.88 4 .4
8 HSBC 87 18,490.24 4 .0
9 ING 94 18,210.17 4 .0
10 BAML 50 15,755.9 7 3. 4
Total 549 4 60,316.02
Proportional credit
Source: Thomson Reuters SDC code: R179 Loans 2250 p67-80.indd 73 07/09/2018 18:55:11