IFR International - 20.10.2018

LOANS LEVERAGED LOANS

SAIC LOWERS TERM LOAN PRICING

Government technology services provider
SCIENCE APPLICATIONS INTERNATIONAL CORP has
LOWEREDûPRICINGûONûITSû53BNûTERMûLOAN
0ROCEEDSûWILLûBACKûTHEûCOMPANYSûALL
stock acquisition of government services
provider Engility Holdings, which is
RElNANCINGûITSûDEBTûASûPARTûOFûTHEûDEALû3!)#û
ISûASSUMINGû53MûOFûDEBTûFROMû%NGILITY
0RICINGûISûBPûOVERû,IBORûWITHûAûûmOORû
ANDûAûDISCOUNTûOFûûDOWNûFROMûBP
Citigroup led with Bank of America Merrill
Lynch, MUFG, PNC, SunTrust, UBS, Wells Fargo
and Capital One.
)Nû3EPTEMBERû#ITIGROUPûAGREEDûTOûPROVIDEû
COMMITMENTSûFORûAû53BNûTERMûLOANûTOû
SUPPORTû3!)#û4HEûCOVENANT
LITEûLOANû
includes six months of soft call protection at
ûANDûAMORTISEûATûûANNUALLY
)Nû*ANUARYû3!)#ûLOWEREDûPRICINGûONûITSû
53Mû4ERMû,OANû"ûDUEûINû-AYûûTOû
BPûOVERû,IBORûFROMûBPûOVERû,IBOR
4RADINGûlRMûHUDSON RIVER has increased
THEûSIZEûOFûITSûTERMûLOANûTOû53MûFROMû
53M
0RICINGûISûBPûOVERû,IBORûFROMûGUIDANCEû
OFûBPnBPû4HEûLOANûWASûISSUEDûATûPARû
FROMûGUIDANCEûOFûû3OFTûCALLûPROTECTIONû
OFûûFORûSIXûMONTHSûREMAINS
The JP Morgan
LEDûLOANûWILLûRElNANCEûANû
EXISTINGû53MûTERMûLOANûANDûADD
ONû
debt for general corporate purposes.
The borrower and the debt are both rated
"A""n
HOLLEY PERFORMANCE PRODUCTS and DRIVEN
PERFORMANCE BRANDSûHAVEûSETûlNALûTERMSûONû
THEûlNANCINGûBACKINGûTHEIRûMERGERûBYû
PRIVATEûEQUITYûlRMû3ENTINELû#APITALû
Partners.
&INALûPRICINGûONûAû53MûlRST
LIENûTERMû
LOANûISûSETûATûBPûOVERû,IBORûWITHûAûû
mOORûFROMûPREVIOUSûGUIDANCEûOFûBPû4HEû
LOANûSOLDûATûAûû/)$ûFROMûPREVIOUSûTALKûOFû

!û53MûlRST
LIENûDELAYED
DRAWûTERMû
loan is no longer offered for syndication.
4HEûTRANSACTIONûALSOûINCLUDESûAû53Mû
revolving line of credit.
A number of changes were made to the
documents, including the addition of step
DOWNSûTOûTHEûINITIALûûTIMESûINITIALûTOTALû
gross leverage maintenance covenant. It will
STEPûDOWNûTOûûTIMESûTOTALûGROSSûLEVERAGEû
INû3EPTEMBERûûûTIMESûTOTALûGROSSû
LEVERAGEûINû-ARCHûûANDûûTIMESûTOTALû
GROSSûLEVERAGEûINû-ARCHû
!DDITIONALûDOCUMENTûCHANGESûINCLUDEûû
SOFTûCALLûPROTECTIONûFORûûMONTHSûFROMûTHEû
previous proposal of six months, a removal
of asset sale sweep step-downs, and the
removal of the most-favoured nation sunset
ANDûlRST
LIENû-&.ûADJUSTMENTûEXCEPTIONSû
!LSOûREMOVEDûWASûAûûMARKETûCAPITALISATIONû
provision for post-IPO dividends and an

unlimited junior debt prepayment provision.

The company added quarterly lender calls.

UBS, SunTrust, MUFG and Cowen are

ARRANGINGûTHEûlNANCING

EUROPE/MIDDLE EAST/

AFRICA

ELIVIE COMPLETES €360m REFI

French healthcare company ELIVIE has

lNALISEDûAûõMûLOANûTOûRElNANCEûITSû

existing unitranche facility.

4HEûDEBTûlNANCINGûISûSPLITûBETWEENûAû

õMû4ERMû,OANû"ûAûõMûREVOLVINGû

CREDITûFACILITYûANDûAûõMûPRE

PLACEDûSECOND

lien facility provided by Ares.

4HEûSEVEN

YEARû4,"ûPRICEDûATûBPûOVERû

Euribor.

BNP Paribas, Credit Agricole CIB, Natixis and

Societe Generale arranged the deal.

#ORPORATEûFAMILYûRATINGûISû"ûANDûTHEû

facility is rated B2.

&OLLOWINGûTHEûTRANSACTIONû%LIVIESû

ADJUSTEDûDEBTûTOû%BITDAûISûûTIMESûBUTûTHEû

COMPANYSû%BITDAûISûFORECASTûTOûGROWûBYûû

PERûYEARûACCORDINGûTOû-OODYS

Elivie, which operates under holding

COMPANYû3ANTEû#IEûISûEXPECTEDûTOûGENERATEû

õMûINûSALESûINûTHEûYEARûTOû-ARCHûû

#REATEDûINûûBYûTHEûMERGERûOFû)0û3ANTEû

ANDû!-3û-EDICALû%LIVIEûTREATSûOVERûû

PATIENTSûPERûYEARûANDûEMPLOYSûNEARLYûû

professionals.

3INCEûûTHEûGROUPûHASûBEENûOWNEDûBYû

a consortium of private equity funds (HLD,

5)û'ESTIONûANDû323  ûANDûHASûBEENûlNANCEDû

by unitranche debt from funds managed by

!RESûANDû#APZANINE

TDC TO SLASH LEVERAGE

Danish telecoms group TDC intends to pre-

PAYûAROUNDû$+RBN

EQUIVALENTû53BN    û

of its existing Term Loan B facilities,

INCLUDINGûTHEûENTIREûõBN

EQUIVALENTû53û

dollar-denominated tranche.

The pre-payment will be made in the

fourth quarter from proceeds raised in the

.+RBNû53BN  ûSALEûOFû4$#Sû

Norwegian operations, including GET, to

Swedish telecoms operator Telia, which was

COMPLETEDûONû/CTOBERû

4HEûREPAYMENTûWILLûREDUCEû4$#SûLEVERAGEû

TOûJUSTûBELOWûûTIMES

2EMAININGûPROCEEDSûOFû$+RBN

equivalent may be used for reinvestment in

4$#Sû$ANISHûACTIVITIESûANDûOTHERûGENERALû

corporate purposes.

4$#ûALLOCATEDûTHEûõBN

EQUIVALENTû

seven-year Term Loan B in June to back the

buyout of the company by a consortium of

Macquarie and three Danish pension funds:

PFA, PKA and ATP.

Barclays and BNP Paribas were global

COORDINATORSûWITHû$EUTSCHEû"ANKû(3"#û

-ACQUARIEû#APITALûANDû.ORDEAûASûPHYSICALû

bookrunners and mandated lead arrangers.

#ITIGROUPûANDû*0û-ORGANûWEREû

bookrunners and mandated lead arrangers,

and Danske Bank and Nykredit were

additional mandated lead arrangers.

4HEûlNANCINGûCOMPRISEDûAûõBNûANDû

õBN

EQUIVALENTûEUROûANDûDOLLARû4ERMû

,OANû"Sû"OTHûPAYûBPûOVERû%URIBOR,IBORû

ANDûWEREûOFFEREDûATûûWITHûAûûmOOR

4HEûBUYOUTûWASûALSOûBACKEDûWITHûõBN

equivalent of high-yield bonds.

Telia used cash on balance sheet to

ACQUIREû'%4ûANDû4$#û.ORWAY

ASMODEE WRAPS BUYOUT DEAL

French board and card game publisher

ASMODEEûHASûWRAPPEDûUPûITSûlNANCINGû

backing its buyout by PAI Partners.

4HEûDEALûCOMPRISESûAûõMûSEVEN

YEARû

TERMûLOANû"ûAûaMûSEVEN

YEARû4ERMû,OANû

"ûANûõMûEIGHT

YEARûSECOND

LIENûTERMûLOANû

ANDûANûõMûSIX

YEARûREVOLVINGûCREDITû

facility.

EUROPEAN LEVERAGED LOANS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

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

1 BNP Paribas 57 10,283.02 7.7

2 Credit Agricole 50 9,576.32 7.1

3 Deutsche Bank 39 8,329.28 6.2

4 HSBC 37 7,279.45 5.4

5 Goldman Sachs 31 6,749.56 5.0

6 Natixis 36 6,598.99 4.9

7 SG 36 6,522.09 4.9

8 Citigroup 24 5,999.50 4.5

9 Barclays 28 5,888.71 4.4

10 JP Morgan 29 5,575.00 4.2

Total 187 134,248.28

Excluding project finance. Western Europe only included.

Source: Refinitiv SDC code: P10

EMEA SPONSORED LOAN BOOKRUNNERS

BY VOLUME: 1/1/2018 TO DATE

Europe, Middle East, Africa

Managing No of Total Share

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

1 Deutsche Bank 25 5,488.22 7.4

2 BNP Paribas 30 5,344.92 7.3

3 Credit Agricole 32 4,688.99 6.4

4 Natixis 28 4,670.92 6.3

5 Goldman Sachs 24 4,354.32 5.9

6 HSBC 21 4,086.88 5.5

7 JP Morgan 22 3,983.25 5.4

8 SG 22 3,652.23 5.0

9 Barclays 18 3,599.74 4.9

10 RBC 15 2,867.77 3.9

Total 117 73,723.44

Excluding project finance.

Source: Refinitiv SDC code: P13