IFR International - 20.10.2018

LOANS EMEA

FRANCE

ATOS CLOSES US$3.8bn LOANS

Digital services group ATOS closed the
53BN
EQUIVALENTûOFûLOANSûBACKINGûITSû
53BNûACQUISITIONûOFû53
BASEDû
INFORMATIONûTECHNOLOGYûlRMû3YNTELûAFTERû
completing the acquisition this month.
4HEûlNANCINGûCOMPRISESûAû53BNû
MONTHûBRIDGEûLOANû53BN
EQUIVALENTûOFû
THREE
YEARûTERMûLOANSûANDû53M
EQUIVALENTûOFûlVE
YEARûTERMûLOANS
4HEûTERMûLOANSûCOMPRISEûAû53MûTHREE
YEARûFACILITYûAû53M
EQUIVALENTû
euro-denominated three-year facility, a
53MûlVE
YEARûFACILITYûANDûAû53M
EQUIVALENTûEURO
DENOMINATEDûlVE
YEARûFACILITY
4HEûlNANCINGûWASûFULLYûUNDERWRITTENûBYû
BNP Paribas and JP Morgan in July.
Banca IMI, BBVA, Banco Santander, Bank of
America Merrill Lynch, Barclays, Credit Agricole Ile
de France, Citigroup, Commerzbank, Credit Agricole
CIB, Credit Industriel et Commercial, Deutsche Bank,
HSBC, ING, Helaba, MUFG, Mizuho Bank, Morgan
Stanley, Natixis, Raiffeisen Bank International,
Societe Generale, SMBC, UniCredit and Wells Fargo
JOINEDûTHEûlNANCINGûINûSYNDICATION
)NûPARALLELûWITHûTHEûACQUISITIONûlNANCINGû
Atos also increased its existing revolving
CREDITûFACILITYûBYûõMûTOûõBNûANDû
REFRESHEDûTHEûFACILITYSûûYEARûMATURITY
4HEû2#&ûWASûORIGINALLYûARRANGEDûINû
.OVEMBERûûVIAûMANDATEDûLEADû
arrangers and bookrunners Barclays Bank,
".0û0ARIBASû#OMMERZBANKû#REDITû!GRICOLEû
#)"û#REDITû-UTUEL
#)#û).'û-5&'û.ATIXISû
3OCIETEû'ENERALEûANDû5NI#REDITû"ANK

GERMANY

BECHTLE NETS DEBUT €300m SSD

IT services provider BECHTLE has placed a
DEBUTûõMû3CHULDSCHEINDARLEHENûVIAû
BayernLB, Commerzbank and LBBW.
0ROCEEDSûWILLûMAINLYûBEûUSEDûTOûlNANCEû
recent acquisitions Inmac Wstore in France
and BT Stemmer in Germany.
4HEû33$ûHASûANûAVERAGEûMATURITYûOFûû
YEARSûANDûWASûOFFEREDûONûlXEDûANDûVARIABLEû
rates of interest.
4HEûlNANCINGûCLOSEDûTHREEûTIMESû
OVERSUBSCRIBEDûWITHûMOREûTHANûûNATIONALû
and international investors participating. As
a result of the high demand the SSD was
INCREASEDûFROMûAûLAUNCHûAMOUNTûOFûõM

VONOVIA NETS €1bn RCF

2ESIDENTIALûREALûESTATEûCOMPANYûVONOVIA has
SIGNEDûAûõBNûTHREE
YEARûREVOLVINGûCREDITû
facility.

The funding line, which is for Vonovia

&INANCEû"6ûINCLUDESûAûõMûSWINGLINEû

facility.

Commerzbank COORDINATEDûTHEûlNANCINGûASû

mandated lead arranger and facility agent,

with Credit Suisse, Deutsche Bank, JP Morgan,

Morgan Stanley and Societe Generale also acting

as mandated lead arrangers.

7HITEûû#ASEûADVISEDû#OMMERZBANK

Vonovia has recently completed the

takeovers of Swedish property company

6ICTORIAû0ARKûANDû!USTRIASû"UWOG

6ONOVIAûINITIALLYûBACKEDûITSûõMûBIDûFORû

Victoria Park with a bridge loan arranged by

*0û-ORGANûBEFOREûRAISINGûAROUNDûõMûINû

May through a capital increase to fund the

deal.

In March, the company said it had

COMPLETEDûTHEûDEBTûlNANCINGûBACKINGû

its €5.2bn acquisition of Buwog by placing

õBNûOFûSENIORûUNSECUREDûBONDS

4HEûCOMPANYûALSOûPLACEDûõBNûOFûSENIORû

unsecured bonds in January to back the deal.

The acquisition was initially backed with

AûõBNûBRIDGEûLOANûALSOûCOORDINATEDûBYû

JP Morgan.

Vonovia owns and manages around

ûRESIDENTIALûUNITSûINû'ERMANYûANDû

!USTRIAû4HEûCOMPANYSûREALûESTATEûPORTFOLIOû

ISûWORTHûAROUNDûõBN

HYUNDAI CAPITAL BANK TAPS

HYUNDAI CAPITAL BANK EUROPE has agreed a

õMûLOANûFROMûING Bank TOûlNANCEûITSûCARû

leasing business in Germany.

2ECEIVABLESûFROMûLEASINGûANDûlNANCINGû

agreements with customers as well as the

property of leasing cars will be used as

collateral for the loan.

ING, which is arranger, original lender,

security agent and facility agent on the

lNANCINGûWASûADVISEDûBYû!SHURST

&RANKFURT

HEADQUARTEREDû(#"%ûWHICHû

PROVIDESûlNANCIALûSERVICESûFORûTHEû(YUNDAIû

and Kia brands in Germany, received the full

BANKINGûLICENCEûFROMû"A&INûINû/CTOBERûû

The company is a subsidiary of South

+OREASû(YUNDAIû#APITALû3ERVICES

ITALY

ATLANTIA SIGNS €2bn RCF

Motorway operator ATLANTIA has signed a

€2bn three-year revolving credit facility.

The facility, which will be used for

general corporate purposes, was provided

by Banco Santander, BNP Paribas and UniCredit.

'IANNIû/RIGONIû'RIPPOû#APPELLIûû

Partners advised Atlantia, while Latham &

7ATKINSûACTEDûASûTHEûLENDERSûLEGALûADVISER

4HEûMOVEûCOMESûASû!TLANTIAû3PAINSû!#3û

ANDû'ERMANYSû(OCHTIEFûCLOSEûINûONûTHEû

õBN

PLUSûACQUISITIONûOFû3PANISHûTOLL

ROADû

group Abertis.

Under an agreement reached in March,

Hochtief took over Abertis to transfer it to

an SPV, which will be majority-owned by

Atlantia.

The acquisition is progressing despite the

COLLAPSEûOFûAûBRIDGEûOPERATEDûBYû!TLANTIASû

MOTORWAYûUNITû!UTOSTRADEûPERûL)TALIAûINû

!UGUSTûTHATûKILLEDûûPEOPLE

In July, Atlantia completed the

RElNANCINGûOFûITSûPARTûOFûTHEûJOINTûTAKEOVERû

WITHûAûõBNûlVE

YEARûTERMûLOANûFROMû

"ANCOû"0-û".0û0ARIBASû#$0û)NTESAû

Sanpaolo, Mediobanca and Unicredit,

replacing a €2.5bn bridge loan agreed in

May.

At the same time the company agreed a

õBNûlVE

YEARûREVOLVINGûCREDITûFACILITY

IGD SIGNS €200m REFI

Shopping centre real estate company

IMMOBILIARE GRANDE DISTRIBUZIONE has signed a

õMûUNSECUREDûLOANûWITHûAûPOOLûOFû

lenders led by underwriter, global

coordinator, bookrunner and mandated lead

arranger BNP Paribas.

4HEûLOANûCOMPRISESûAûõMûTRANCHEû

which will be used to repay outstanding

AMOUNTSûOFûAûõMûBONDûTHATûWASûDUEûTOû

MATUREûINû*ANUARYûûANDûAûõMû

TRANCHEûWHICHûWILLûBEûUSEDûTOûRElNANCEû

short-term credit facilities and for general

corporate purposes.

4HEûlNANCINGûISûFORûANûINITIALûTHREEûYEARSû

BUTûMAYûBEûEXTENDEDûTOûAûMAXIMUMûOFûlVEû

years.

4HEûRElNANCINGûHASûAûLOWERûCOSTûTHANûTHEû

COMPANYSûCURRENTûAVERAGEûCOSTûOFûDEBTû

COVERINGûlNANCIALûNEEDSûWITHûNOûSIGNIlCANTû

MATURITIESûUNTILû

IGD, which owns and manages shopping

CENTREûPROPERTIESûINû)TALYûANDû2OMANIAûHASûAû

PORTFOLIOûVALUEDûATûõBNûASûATûTHEûENDûOFû

June.

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 164 40,172.84 7.6

2 Credit Agricole 163 38,131.86 7.2

3 JP Morgan 62 34,469.79 6.5

4 SG 115 30,887.85 5.8

5 Deutsche Bank 81 25,012.51 4.7

6 UniCredit 120 24,733.21 4.7

7 Citigroup 71 22,926.42 4.3

8 HSBC 101 22,086.32 4.2

9 ING 115 21,612.47 4.1

10 BAML 53 16,481.43 3.1

Total 671 530,280.66

Proportional credit

Source: Refinitiv SDC code: R17