IFR International - 03.11.2018

(Axel Boer) #1
LOANS LEVERAGED LOANS

ASCENTY AGREES US$775m LOAN

Citigroup, ING and Natixis TAPPEDûTHEû53ûBANKû
DEBTûMARKETûWITHûAû53MûLOANûTHATûWILLû
BACKû$IGITALû2EALTYSûANDû"ROOKlELDû!SSETû
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4HEûLOANûINCLUDESûRISKIERûFEATURESûSUCHûASû
HIGHûLEVERAGEûOFûûTIMESûANDû%BITDAû
ADJUSTMENTS
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RISKIERûLEVERAGEDûLOANSûUSUALLYûOFFEREDûTOû53û
INSTITUTIONALûINVESTORS ûASûGLOBALûBANKSû
WARMûUPûTOûRISKIERûLENDINGûSTRUCTURESûANDû
regions amid a dearth of opportunities in
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SECUREDûlRST
LIENûREVOLVINGûCREDITûFACILITY ûAû
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FOURTHûQUARTERûOFû
3OFTWAREûCOMPANYûSYNCSORT has sealed a
53MûTERMûLOANûREPRICING ûWHICHûWASû
LEDûBYûBank of America Merrill Lynch.
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LIENûTERMûLOANûTHATûPRICEDûATû
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LIENûTERMûLOANûTHATûPRICEDûATûBP
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-ETHANOLûPRODUCERûNATGASOLINEûCUTû
PRICINGûONûAû53MûSEVEN
YEARûTERMûLOAN
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FROMûPREVIOUSûGUIDANCEûOFû

3OFTûCALLûPROTECTIONûOFûûFORûSIXûMONTHSû
remained.


JP Morgan led the debt that will be used to
RElNANCEûEXISTINGûTAXûEXEMPTûBONDSûATû
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ANDûCONTINGENCYûLOANS
4HEREûISûAû"AûCORPORATEûRATINGûANDû"A
""
ûFACILITYûRATINGS

FOREST CITY NETS US$1.25bn TL

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ACQUISITIONûBYû"ROOKlELDû!SSETû
-ANAGEMENT
4HEûDEALûPRICEDûATûBPûOVERû,IBORûWITHûAû
ûmOORû/RIGINALûGUIDANCEûWASûBP
BP
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HAVINGûBEENûGUIDEDûATûû4HEREûISûûSOFTû
CALLûPROTECTIONûFORûSIXûMONTHS
4HEREûISûAûTICKINGûFEEûTHATûPAYSûûOFûTHEû
MARGINûONûDAYSû
 ûûONûDAYSû
 ûANDû
ûOFûTHEûAPPLICABLEûMARGINûSTARTINGûONû
DAYû
4HEREûAREûCORPORATEûFAMILYûRATINGSûOFû"
" ûANDûFACILITYûRATINGSûOFû"" 
Bank of America Merrill Lynch, TD, Barclays,
BMO, CIBC, Citigroup, Deutsche Bank, RBC,
Scotia and US Bank ARRANGEDûTHEûlNANCING
!SSETûMANAGERûFIRST EAGLE INVESTMENT
MANAGEMENTûWRAPPEDûAû53BNûLOANûTHATû
WILLûBEûUSEDûTOûRElNANCEûDEBTûANDûADDûCASHû
TOûTHEûBALANCEûSHEET
Morgan Stanley LEDûTHEûDEAL ûWHICHû
COMPRISESûAû53BNûTERMûLOANûDUEûINû
$ECEMBERûûANDûAû53MûREVOLVINGû
CREDITûFACILITYûMATURINGûINû$ECEMBERû
4HEûCOVENANT
LITEûTERMûLOANûPRICEDûATû
BPûOVERû,IBORûWITHûNOûmOORûANDûAûû
/)$û)TûHASûAûBPûSTEPDOWNûWHENûTOTALûNETû
LEVERAGEûDROPSûTOûûTIMES
'UIDANCEûOPENEDûATûBP
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,IBORûWITHûNOûmOORûANDûAûDISCOUNTûOFû
4HEûDEALûINCLUDESûSIXûMONTHSûOFûSOFTûCALLû
PROTECTIONûATûûANDûWILLûAMORTISEûATû
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COVENANT
#ORPORATEûRATINGSûAREû"A"" ûWHILEûTHEû
4,"ûISûRATEDû"A"" 
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EXISTINGûSENIORûSECUREDûCREDITûFACILITIES
4HEûCOMPANYûWILLûPAYûLENDERSûBPûOVERû
,IBORûWITHûAûSTEPûDOWNûTOûBPûATûûTIMESû
INSIDEûOFûCLOSINGûDATEûTOTALûNETûLEVERAGEû4HEû
LOANûHADûBEENûGUIDEDûATûBP
BP
4HEûLOANûSOLDûATûûCENTSûONûTHEûDOLLARû
ANDûHASûAûûmOORû4HEREûISûûSOFTûCALLû
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BPûMOST
FAVOUREDûNATIONûSTATUSûFORûTHEûLIFEû
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FORûûMONTHS
BAML, BMO, JP Morgan and PNC arranged
THEûlNANCING
4HEREûISûEXPECTEDûCORPORATEûFAMILYûRATINGSû
OFû""ûANDûSECUREDûRATINGSûOFû""

4ANKûTRAILERûMAKERûENTRANS INTERNATIONAL
INCREASEDûPRICINGûONûAû53MûRElNANCINGû
loan.
Credit Suisse LEDûTHEûSEVEN
YEARûDEAL ûWHICHû
PRICEDûATûBPûOVERû,IBORûWITHûAûûmOORû
ANDûAûDISCOUNTûOFûûAFTERûGUIDANCEû
CIRCULATEDûATûBP
BPûWITHûAûûmOORû
ANDûAûDISCOUNTûOFû
4HEûCOMPANYûAGREEDûTOûPUSHûOUTûSOFTûCALLû
PROTECTIONûOFûûTOûûMONTHSûFROMûSIXû
months.
4HEûCOMPANYûISûRATEDû""û4HEûLOANûWASû
RATEDû""
%N4RANSûARRANGEDûAû53MûTERMûLOANû
INû*UNEû ûWHICHûWASûPRICEDûATûBPû
OVERû,IBOR

ENTEGRIS DOUBLES REFI LOAN

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LOANûTOû53MûFROMû53M
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AûûmOORûANDûAûDISCOUNTûOFû
4HEûTRANSACTIONûINCLUDESûSIXûMONTHSûOFû
SOFTûCALLûPROTECTIONûATû
Goldman Sachs led alongside Barclays,
Citigroup, Morgan Stanley, PNC and
SunTrust.
4HEûBORROWERûISûRATEDû"A"" û4HEûDEBTûISû
RATEDû"AA"""

4HEûCOMPANY ûWHICHûMANUFACTURESû
PRODUCTSûDESIGNEDûFORûTHEûSEMICONDUCTORû
MANUFACTURINGûPROCESS ûHADû53Mû
OUTSTANDINGûONûITSûTERMûLOANûASûOFû*UNEûû
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ûATûAûSIZEûOFû53M
-EDIAûGROUPûMEREDITHûHASûREPRICEDûITSû
53BNû4ERMû,OANû"ûTOûBPûOVERû
,IBORûWITHûAûûmOORûWITHûAûSTEP
DOWNûTOû
BPûOVERû,IBORûATûORûBELOWûCONSOLIDATEDû
NETûLEVERAGEûRATIOûOFûûTIMES
It was sold at par.
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WITHûAûûmOOR
Royal Bank of Canada LEDûTHEûTRANSACTION û
WHICHûREFRESHESûûSOFTûCALLûPROTECTIONûFORû
SIXûMONTHS
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DEBTûISûRATEDû"A""
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53BNû4ERMû,OANû"ûBACKINGûITSû
ACQUISITIONûOFû4IMEûFORû53BN
0RIVATELYûHELDûINSURANCEûBROKERûCONFIE has
SEALEDûAû53MûSECOND
LIENûTERMûLOANû
THATûWASûLEDûBYûGoldman Sachs and Barclays.
0ROCEEDSûWILLûBEûUSED ûALONGûWITHûNEWû
PREFERREDûEQUITY ûTOûRElNANCEûANûEXISTINGû
SECOND
LIENûANDûPARTIALLYûREPAYûAûREVOLVERû
ANDûAûlRST
LIENûTERMûLOAN
4HEûSEVEN
YEARûLOANûPRICEDûATûBPûOVERû
,IBORûWITHûAûûmOORûANDûAûû/)$ ûFROMû
GUIDANCEûOFûBP
BPûWITHûAûûmOORûANDû
Aûû/)$
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