IFR International - 03.11.2018

(Axel Boer) #1
LOANS LEVERAGED LOANS

)NûADDITIONûTOûTHEûLOAN ûTHEûCOMPANYûISû
EXPECTEDûTOûSELLû53BNûOFûHIGH
YIELDû
NOTESûTOûlNANCEûTHEûDEAL
,IFE0OINTûWILLûBEûMERGEDûWITHû!POLLO
BACKEDû2##(û(EALTH#AREû0ARTNERSû030û
)NVESTMENTSûANDûANûAFlLIATEûOFûTHEû1ATARû
)NVESTMENTû!UTHORITYûALSOûAGREEDûTOûBACKû
the deal with debt.
BELRONûHASûLAUNCHEDûAû53MûTERMûLOANû
TOûBACKûAûDISTRIBUTIONûTOûSHAREHOLDERS
#LAYTONû$UBILIERûû2ICEûCOMPLETEDûEARLIERû
THISûYEARûTHEûACQUISITIONûOFûAûûOWNERSHIPû
INûTHEûGLASSûREPAIRûANDûREPLACEMENTû
COMPANYû$LETERENûANDû"ELRONSû
MANAGEMENTûHOLDûTHEûREMAININGû
0RICINGûISûGUIDEDûATûBPûOVERû,IBORûWITHû
AûûmOORûANDûAû
û/)$û4HEûLOANûWILLû
HAVEûûSOFTûCALLûPROTECTIONûFORûSIXûMONTHS
4HEûGLOBALûCOORDINATORSûAREûBank of America
Merrill Lynch and JP Morgan ûANDûTHEûJOINTû
arrangers are BNP Paribas and INGû*0û-ORGANû
ISûTHEûADMINISTRATIVEûAGENT
4HEREûISûANûEXPECTEDûCORPORATEûFAMILYû
RATINGûOFû"A""ûANDûANûISSUERûRATINGûOFû
"A""
WEDDINGWIREûHASûLAUNCHEDûAû53Mû
SEVEN
YEARûlRST
LIENûTERMûLOANûANDûAû
53MûEIGHT
YEARûSECOND
LIENûTERMûLOANû
TOûBACKûITSûMERGERûWITHû8/û'ROUP
4HEûlRST
LIENûISûGUIDEDûATûBP
BPûOVERû
,IBORûWITHûAûûmOORûANDûAûû/)$û)TûINCLUDESû
ûSOFTûCALLûPROTECTIONûFORûSIXûMONTHS
4HEûSECOND
LIENûLOANûISûOFFEREDûATûBPû
OVERû,IBORûWITHûAûûmOORûANDûAû
û/)$û
)TûWILLûHAVEû ûûHARDûCALLûPROTECTION
JP Morgan is leading the deal.
)Nû3EPTEMBERû8/û'ROUP ûWHICHûOPERATESû
WEDDINGûWEBSITEû4HEû+NOT ûANNOUNCEDûITû
would merge with WeddingWire and
BECOMEûAûPRIVATELYûHELDûCOMPANYûINûAû
TRANSACTIONûVALUEDûATû53Mû!TûCLOSINGû
THEûCOMBINEDûCOMPANYûWILLûBEûOWNEDûBYû
THEû0ERMIRAû&UNDSûANDû3PECTRUMû%QUITY û
WHICHûAREûCURRENTûINVESTORSûINû
WeddingWire.


SEDGWICK SEEKS US$2.34bn TL

SEDGWICKûISûINûTHEûMARKETûWITHûlNANCINGûTOû
BACKû#ARLYLEû'ROUPSûACQUISITIONûOFûTHEû
MAJORITYûOFûTHEûCOMPANY
4HEûINSURANCEûTECHNOLOGYûPROVIDERûISû
SEEKINGûAû53BNûSEVEN
YEARûTERMûLOANû
4HEûCOVENANT
LITEûLOANûWILLûAMORTISEûATûû
PERûYEAR
0RICINGûISûGUIDEDûATûBP
BPûOVERû
,IBORûWITHûAûûmOORûANDûAûû/)$û)TûHASû
ûSOFTûCALLûPROTECTIONûFORûSIXûMONTHS
Bank of America Merrill Lynch, KKR, Morgan
Stanley and SunTrust are arranging the
lNANCING
#OMMITMENTSûAREûDUEûONû-ONDAYû
.OVEMBERû
#ARLYLEûANNOUNCEDûINû3EPTEMBERûTHATûITû
HADûAGREEDûTOûBECOMEûAûMAJORITYûOWNERûOFû


3EDGWICKûINûAûTRANSACTIONûVALUEDûATûABOUTû
53BNû#URRENTûMAJORITYûSHAREHOLDERû++2û
WILLûFULLYûEXITûITSûPOSITIONû&UNDSûMANAGEDûBYû
3TONEû0OINTû#APITALûANDû#AISSEûDEûDEPOTûETû
PLACEMENTûDUû1UEBECûALONGûWITHû3EDGWICKû
MANAGEMENTûWILLûREMAINûMINORITYûINVESTORS
2OOlNGûCOMPANYûTECTA AMERICA is
ARRANGINGû53MûOFûLOANSûTOûBACKûITSû
BUYOUTûBYûINVESTMENTûlRMû!TLASû0ARTNERS
Credit Suisse is leading with UBS and Royal
Bank of Canada.
4HEûlNANCINGûCOMPRISESûAû53Mû
SEVEN
YEARûlRST
LIENûTERMûLOANûANDûAû
53MûEIGHT
YEARûSECOND
LIENûTERMûLOAN
'UIDANCEûONûTHEûSEVEN
YEARûlRST
LIENûLOANû
OPENEDûINûTHEûBP
BPûOVERû,IBORûRANGEû
WITHûAûûmOORûANDûAûDISCOUNTûOFû
4HEûEIGHT
YEARûSECOND
LIENûLOANûISû
EXPECTEDûTOûPRICEûINûTHEûBP
BPûOVERû
,IBORûRANGEûWITHûAûûmOORûANDûAûDISCOUNTû
OFû
4HEûlRST
LIENûLOANûWILLûHAVEûSOFTûCALLû
PROTECTIONûOFûûFORûSIXûMONTHSûWHILEûTHEû
SECOND
LIENûLOANûWILLûHAVEûHARDûCALLû
PROTECTIONûOFû
4HEûCOMPANYûISûRATEDû""û4HEûlRST
LIENû
LOANûCARRIESû""ûRATINGSû4HEûSECOND
LIENû
LOANûISûRATEDû#AA### 
2ETAILERûTALBOTSûHASûLAUNCHEDûAû53Mû
lVE
YEARûCOVENANT
LITEûTERMûLOANûTHATûWILLû
RElNANCEûEXISTINGûlRST
LIENûANDûSECOND
LIENû
term loans.
4HEûDEALûISûGUIDEDûATûBP
BPûOVERû
,IBORûWITHûAûûmOORûANDûAûû/)$
)TûWILLûHAVEûAûNON
CALLûPROVISIONûFORûTHEû
lRSTûYEAR ûFOLLOWEDûBYûûCALLûPROTECTIONû
and then par.
Bank of America Merrill Lynch and KKR Capital
Markets AREûARRANGINGûTHEûlNANCING
#ORPORATEûFAMILYûRATINGSûAREû""
ûANDû
lRST
LIENûRATINGSûAREû""


MKS LINES UP US$650m FOR BUY

MKS INSTRUMENTSûHASûLINEDûUPû53MûOFû
LOANûCOMMITMENTSûTOûBACKûITSû53BNû
PURCHASEûOFû%LECTROû3CIENTIlCû)NDUSTRIES
4HEûCOMPANYûALSOûPLANSûTOûINCREASEûTHEû
BORROWINGûCAPACITYûONûITSûASSET
BASEDû
REVOLVINGûCREDITûFACILITYûTOû53M
Barclays WILLûLEADûTHEûlNANCINGûANDûISû
lNANCIALûADVISERûONûTHEûDEAL
-+3ûSAIDûFOLLOWINGûTHEûTRANSACTIONûITSûNETû
LEVERAGEûWILLûBEûûTIMESûWHILEûGROSSû
LEVERAGEûWILLûBEûûTIMES
EDGEWATER GENERATION is arranging a
53MûTERMûLOANûTOûSUPPORTûITSû
ACQUISITIONûBYû3TARWOODû%NERGY
Credit Suisse ISûLEADINGûTHEûSEVEN
YEARûTERMû
LOAN ûWHICHûISûGUIDEDûATûBP
BPûOVERû
,IBORûWITHûAûûmOORûANDûAûDISCOUNTûOFûû
4HEûLOANûWILLûHAVEûSIXûMONTHSûOFûSOFTûCALLû
PROTECTIONûATû
4HEûTERMûLOANûISûBEINGûISSUEDûONûAû
COVENANT
LITEûBASIS

4HEûACQUISITIONûINCLUDESûTWOûUNREGULATEDû
OPERATIONSûGAS
lREDûCOMBINEDûCYCLEûGASû
turbines.
REALD ûAû$ûTECHNOLOGYûPROVIDER ûISû
ARRANGINGûAû53MûRElNANCINGûLOANûLEDû
BYûJefferies.
4HEûTRANSACTIONûCOMPRISESûAû53Mû
lVE
YEARûlRST
LIENûTERMûLOANûANDûAû53Mû
SIX
YEARûSECOND
LIENûTERMûLOAN
'UIDANCEûONûTHEûlRST
LIENûLOANûOPENEDûATû
BP
BPûOVERû,IBORûRANGEûWITHûAû
DISCOUNTûOFûû4HEûSECOND
LIENûLOANûISû
CIRCULATINGûATû BPûOVERû,IBORûWITHûAû
DISCOUNTûINûTHEû
ûRANGE
6ETERINARYûOPERATORûNVAûHASûLAUNCHEDûAû
COVENANT
LITEû53MûlRST
LIENû4ERMû,OANû
"ûTHATûISûFUNGIBLEûWITHûANûEXISTINGûLOANûTHATû
MATURESûINû&EBRUARYû
4HEûDEALûISûGUIDEDûATûBPûOVERû,IBORû
WITHûAûû/)$
Bank of America Merrill Lynch, RBC, Jefferies
and Nomura are arranging the loan.
0ROCEEDSûOFûTHEûlNANCINGûWILLûBEûUSEDûTOû
FUNDûACQUISITIONSûUNDERûSIGNEDûLETTERSûOFû
INTENT ûRElNANCEûREVOLVERûBORROWINGSûANDû
FUNDûCASHûTOûBALANCEûSHEETûFORûFUTUREû
ACQUISITIONS
!DDITIONALLY û.6!ûISûSEEKINGûANû
AMENDMENTûTOûITSûEXISTINGûCREDITûAGREEMENT û
WHICHûWILLûREQUIREûEXISTINGûLENDERûCONSENTS
#ORPORATEûFAMILYûRATINGSûAREû""ûANDûlRSTû
LIENûRATINGSûAREû""

CELESTICA SETS PRICE TALK

%LECTRONICûCOMPONENTSûMANUFACTURERûANDû
designer CELESTICAûHASûSETûPRICEûTALKûONûAû
53MûTERMûLOAN
4HEûDEALûISûGUIDEDûATûBPûOVERû,IBORûANDû
HASûAû
û/)$
4HEûCOVENANT
LITEûLOAN ûWHICHûMATURESûINû
*UNEû ûHASûûSOFTûCALLûPROTECTIONûFORûSIXû
months.
0ROCEEDSûWILLûBEûUSEDûTOûlNANCEûTHEû
53MûACQUISITIONûOFû)MPAKTû(OLDINGS û
PAYûRELATEDûFEESûANDûEXPENSES ûANDûFORû
GENERALûCORPORATEûPURPOSES

US LEVERAGED LOANS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 541 113,200.90 10.2
2 JP Morgan 501 112,104.77 10.1
3 Wells Fargo 380 86,897.36 7.8
4 Barclays 273 64,453.51 5.8
5 Goldman Sachs 264 57,141.78 5.1
6 Credit Suisse 259 55,932.24 5.0
7 Citigroup 233 51,277.40 4.6
8 Deutsche Bank 238 50,276.78 4.5
9 RBC 221 41,526.26 3.7
10 Morgan Stanley 175 39,399.80 3.6
Total 1,982 1,109,782.52
Excluding Project Finance.
Source: Refinitiv SDC code: P2
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