International Financing Review September 8 2018 75LOANS LEVERAGED LOANS
BAML, Barclays Bank, Citigroup, Mizuho
Bank, MUFG, and RBC are documentation
agents.
Marathon is rated BBB by S&P, Baa2 by
Moody’s and BBB by Fitch.SS&C SECURES UP TO US$1bnFinancial software company SS&C
TECHNOLOGIES HOLDINGS has secured up to
US$1bn in financing commitments from
Deutsche Bank, Citigroup, RBC and Credit Suisse
for its acquisition of data-sharing platform
Intralinks Holdings.
SS&C is buying Intralinks from affiliates
of private equity firm Siris Capital Group for
US$1.5bn, consisting of US$1bn in cash and
US$500m in SS&C stock.
The deal, the company’s third acquisition
this year, is expected to close in the fourth
quarter.
SS&C agreed in July to buy Eze Software
for US$1.45bn to beef up its presence with
buyside investors, three months after it
closed a US$5.4bn deal to buy DST Systems
to bulk up its products serving banks and
healthcare institutions.DOMINION ENERGY NETS US$3bnPower producer DOMINION ENERGY has secured
US$3bn in commitments from more than 20
lenders for a three-year, non-amortising
term loan facility.
The facility is expected to close and fund
later this month, and is for its Cove Point
LNG terminal.
Initial drawn pricing is set at 137.5bp over
Libor.
Dominion Energy said it plans to use
proceeds to reduce parent-level debt.
The company is rated Baa2 by Moody’s
and BBB+ by S&P.PEBBLEBROOK NETS BRIDGEHotel owner PEBBLEBROOK HOTEL TRUST, which
has agreed to buy LaSalle Hotel Properties in
a US$5.2bn cash-and-stock deal, has
US$2.4bn of committed one-year bridge
financing in place from Bank of America
Merrill Lynch for the cash portion of the deal.
The company also has plans to refinance
more than a total of US$2bn of Pebblebrook
and LaSalle debt later this autumn as a
result of the merger, said Raymond Martz,
chief financial officer at Pebblebrook Hotel
Trust, in an e-mail.
Pricing on various existing credit facilities
ranges from 140bp over Libor to 300bp over
Libor, depending on leverage, Martz said.
LaSalle on Wednesday turned down a
US$4.8bn all-cash bid from private equity
firm Blackstone Group, Reuters reported.
Pebblebrook offered 0.92 of its commonshares per LaSalle stock, with an option to
receive US$37.80 per share in cash up to a
maximum of 30% of the total consideration.BASIN ELECTRIC REFIS US$500m RCFBASIN ELECTRIC POWER COOPERATIVE has
refinanced a US$500m five-year revolving
credit, extending the maturity date.
At closing, pricing was unchanged at
117.5bp over Libor with a 20bp facility fee
for an all-in drawn of 137.5bp over Libor.
The new maturity is August 28 2023. The
facility replaces a five-year loan that was set
to mature on November 14 2019.
US Bank was lead-left, joint bookrunner
and administrative agent.
CoBank and MUFG were joint lead
arrangers, joint bookrunners and co-
syndication agents. RBC was documentation
agent.
Thirteen relationship banks committed to
the facility, which was 40% oversubscribed.
Basin Electric is a consumer-owned
regional generation and transmission
cooperative that provides wholesale power
to member rural electric systems in nine
states.ABBVIE REFIS US$3bn RCFBiopharmaceutical company ABBVIE entered
into a US$3bn unsecured five-year revolving
credit, replacing a revolver of the same
tenor that was set to mature in October
2019.
JP Morgan remains administrative agent. JP
Morgan, Bank of America Merrill Lynch and
Morgan Stanley are joint lead arrangers and
bookrunners.
Pricing on the new loan ranges from
70bp-132.5bp over Libor, compared with the
prior range between 62.5bp-150bp.
For A+/A1 the margin is 70bp over Libor
with a 5bp facility fee; for A/A2 it is 80.5bp
and 7bp; for A-/A3 it is 91bp and 9bp; forBBB+/Baa1 it is 102.5bp and 10bp; for BBB/
Baa2 it is 112.5bp and 12.5bp; and for lower
than BBB/Baa2 it is 132.5bp and 17.5bp.
AbbVie is rated A- by S&P and Baa2 by
Moody’s.
There were no amounts outstanding
under the prior credit facility as of June 30
2018.LEVERAGED LOANS
UNITED STATES
REFINITIV MARKETS US$8bn LBO LOANREFINITIV, THOMSON REUTERS’ Financial and Risk
(F&R) division, has launched an US$8bn-
equivalent Term Loan B. (See Top News)
The seven-year Term Loan B comprises a
US$5.5bn facility and a US$2.5bn-equivalent
euro-denominated facility.
The dollar loan is guided at 400bp-425bp
over Libor, while the euro loan is guided at
425bp over Euribor.
The dollar tranche has no floor while the
euro has a 0% floor. Both are offered at 99-
99.5 and have six months of soft call
protection at 101.
Neither tranche has a financial covenant.
The loan will amortise at 1% annually and
commitments are due on September 17.
Bank of America Merrill Lynch, JP Morgan,
Citigroup, Wells Fargo, Morgan Stanley, Goldman
Sachs, UBS, Credit Suisse, HSBC, Deutsche Bank,
Barclays, Royal Bank of Canada and Sumitomo
are the lenders. BAML is left lead on both
TLBs.
Blackstone announced on January 30 that
it was buying a 55% majority stake in
Thomson Reuters’ F&R unit, which includes
IFR. The unit will be renamed Refinitiv.
Leverage for the buyout is marketed at
4.25 times secured and 5.25 times unsecured
on an adjusted of US$2.5bn. That includes
US$700m of cost savings and synergies from
the business’s reported Ebitda of US$1.8bn.
The deal is the largest buyout financing
since the crisis and its launch has been
eagerly awaited since the deal was
underwritten in January.
Blackstone announced on January 30 that
it was buying a 55% majority stake in
Thomson Reuters’ F&R unit, which includes
IFR. The unit will be renamed Refinitiv.WEB.COM MARKETS LBO LOANInternet domain registration services
provider WEB.COM has launched a US$1.6bn
loan to support the company’s buyout by
private equity firm Siris Capital.AMERICAS LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 851 253,284.86 12. 2
2 JP Morgan 770 23 4,655.77 11.3
3 Wells Fargo 603 169,689.76 8. 2
4 Citigroup 407 136,364.13 6.6
5 RBC 338 85,209.12 4 .1
6 Barclays 312 8 1,992.46 3.9
7 Goldman Sachs 270 7 9,776.28 3.8
8 Morgan Stanley 201 7 0,288.64 3. 4
9 MUFG 211 69,316.54 3.3
10 Deutsche Bank 253 60,865. 21 2.9
Total 3, 113 2,079,796.97
Proportional credit
Source: Thomson Reuters SDC code: R79 Loans 2250 p67-80.indd 75 07/09/2018 18:55:12