4HEûCOMPANYûWASûOFFERINGûLENDERSûBP
200bp over Libor for the term loan B with a
ûmOORûANDûAûû/)$û)TûCARRIESûûSOFTû
CALLûPROTECTIONûFORûSIXûMONTHS
Universal Health operates acute care
hospitals, behavioural health facilities and
SURGICALûHOSPITALS
There are Ba1/BB+/BB+ corporate ratings
ANDû"A"""
"""
ûFACILITYûRATINGS
CAPROCK WRAPS BUYOUT LOANEnergy company CAPROCK MIDSTREAM
COMPLETEDûITSû53MûSEVEN
YEARûTERMû
loan backing its buyout by Blackstone
%NERGYû0ARTNERS
Barclays WASûSOLEûBOOKRUNNER
0RICINGûWASûBPûOVERû,IBORûWITHûAûû
mOORûANDûAûDISCOUNTûOFûûAFTERûCIRCULATINGû
GUIDANCEûINûTHEûBP
BPûOVERû,IBORû
RANGEûWITHûAûûmOORûANDûAûDISCOUNTûOFû
The company cut the most favoured
NATIONSûPROVISIONûTOûBPûFROMûBPû)TûWILLû
BEûINûPLACEûFORûONEûYEAR
The deal includes a debt service coverage
RATIOûCOVENANTûOFûûTIMESûTHATûWILLûSTARTûBEINGû
ENFORCEDûDURINGûTHEûSECONDûQUARTERûOFû
4HEûBORROWERûISûRATEDû"""û4HEûLOANûISû
RATEDû""""
Blackstone announced plans on
September 5 to purchase Caprock using its
portfolio company EagleClaw Midstream for
53Mû4HEûSELLERSûAREû%NERGYû3PECTRUMû
Capital and Caprock Midstream
-ANAGEMENT
Occupational health services provider
CONCENTRAûSETûlNALûTERMSûONûAû53BNû
lRST
LIENûTERMûLOAN
4HEûDEALûPAYSûBPûOVERû,IBORûWITHûAûû
mOORû!ûRATINGS
BASEDûGRIDûWASûADDED ûUNDERû
which pricing will step down to 250bp
when corporate ratings are B1 and B+ or
BETTER
Corporate ratings are B2/B+ and facility
RATINGSûAREû""
Soft call protection of 101 will be
REFRESHEDûFORûûMONTHS
JP Morgan ARRANGEDûTHEûLOAN
Hospital and outpatient care provider
SELECT MEDICALûALLOCATEDûAû53BNûTERMû
LOAN
4HEûDEALûPAYSûBPûOVERû,IBORûWITHûAûû
mOOR ûWITHûAûBPûPRICINGûSTEP
DOWNûATûû
TIMESûTHEûTOTALûNETûLEVERAGEûRATIO
The JP Morgan
LEDûLOANûHASûûSOFTûCALLû
PROTECTIONûFORûSIXûMONTHS
Corporate ratings are B1/B+ and facility
RATINGSûAREû"A""
NUMOTION SEALS BUYOUT DEAL7HEELCHAIRûANDûMOBILITYûEQUIPMENTû
company NUMOTIONûlRMEDûPRICINGûONûAû
53MûlRST
LIENûLOANûDEALûSUPPORTINGûITSû
BUYOUTûBYû!%!û)NVESTORS
4HEûDEALûINCLUDESûAû53MûSEVEN
YEARû
COVENANT
LITEûTERMûLOANûANDûAû53MûlRST
LIENûDELAY
DRAWûTERMûLOANûALONGûWITHûAû
53MûlVE
YEARûREVOLVERû!û53Mû
SECOND
LIENûTERMûLOANûANDûAû53MûSECOND
LIENûDELAYED
DRAWûTERMûLOANûHAVEûBEENû
PRIVATELYûPLACED
4HEûCOMPANYûSETûlNALûPRICINGûATûBPû
OVERû,IBORûWITHûAûûmOORûAFTERûGUIDINGûTHEû
TERMûLOANûINûTHEûBP
BPûOVERû,IBORû
RANGEû4HEûLOANûINCLUDESûAûBPûSTEPDOWNû
WHENûlRST
LIENûNETûLEVERAGEûDROPSûTOûû
TIMES
4HEûTICKINGûFEEûONûTHEûDELAYED
DRAWû
component opens at 100bp after 30 days
and increases to half the margin after
90 days followed by the full margin after
ûDAYS
4HEûDISCOUNTûISûûVERSUSûTHEûINITIALLYû
PROPOSEDû
The loan will have six months of soft call
PROTECTIONûATû
The company lowered the most favoured
NATIONSûCLAUSEûTOûBPûFROMûBPûANDû
extended the sunset provision to 24 months
FROMûSIXûMONTHS
Antares Capital led with Nomura and Ares
Retailer BASS PRO GROUP, which operates
retailer Bass Pro Shops, revised terms
on a debt package it will use to
RElNANCEûPREFERREDûEQUITYûANDûPAYû
AûDIVIDEND
The company increased the size of the
FUNGIBLEûADD
ONûTOû53BNûFROMû
US$800m and will use the additional
proceeds to reduce borrowings under its
ASSET
BASEDûLOANûFACILITY
)TûWILLûPAYûBPûOVERû,IBORûWITHûAûû
mOORûANDûAûû/)$ûFROMûGUIDANCEûOFû
û3OFTûCALLûPROTECTIONûOFûûWILLûBEû
refreshed for six months on the entire Term
,OANû"û4HEREûISûAûBPûCONSENTûFEEûFORû
EXISTINGûLENDERS
JP Morgan LEDûTHEûDEAL
There are existing Ba3/B+ corporate
RATINGSûANDû"""
FACILITYûRATINGSEUROPE/MIDDLE EAST/
AFRICASIVANTOS SWITCHES TO LOANSHearing aid maker SIVANTOS has dropped its plan
TOûISSUEûAûBONDûANDûINSTEADûOPTEDûFORûAûõMû
LOANûTOûlNANCEûITSûMERGERûWITHûPEERû7IDEX
4HEûlNANCINGûCOMPRISESûAûSEVEN
YEARû
lRST
LIENûõMûTERMûLOANûANDûAûõMûPRE
PLACEDûSECOND
LIENûFACILITY
4HEûlRST
LIENûISûPRICEDûATûBPûOVERû
%URIBORûWITHûAûûmOORûINûLINEûWITHûTHEû
COMPANYSûEXISTINGûEURO
DENOMINATEDû4,"û
THATûWASûAGREEDûINû*ULY
It was offered at par and includes 101 soft
CALLûPROTECTIONûFORûSIXûMONTHS
4HEûSECOND
LIENûFACILITYûISûPRICEDûATûBPû
OVERû%URIBOR
Expected corporate ratings are B2/B+/B
ANDûEXPECTEDûISSUEûRATINGSûAREû"" "
Deutsche Bank ISûLEFTûLEADûBOOKRUNNERû
Goldman Sachs, JP Morgan, Danske and UBS are
bookrunners on the deal, which was
SCHEDULEDûTOûCLOSEûONû&RIDAY
Sivantos opted to go down the loan route
following a number of reverse enquiries
FROMûDIRECTûLENDERSûONûFUNDINGûAûSECOND
LIENû
FACILITYûANDûCONCERNSûABOUTûCALLûPROTECTION
“In today’s market they could have gotten
their bond done pretty tight, but it is the call
protection that makes the real difference,” a
BANKERûCLOSEûTOûTHEûDEALûSAID
“For a company that delevers well and has
GOODûCASHmOWûGENERATION ûAûLOANûGIVESûTHEMû
MOREûOPTIONSûIFûTHEYûWANTûTOûRElNANCEûINûAû
YEARSûTIMEv
%14
OWNEDû3IVANTOSûAGREEDûTHEûMERGERû
WITHû7IDEX ûOWNEDûBYûTHEû4OPHOLMûANDû
7ESTERMANNûFAMILIESûINû-AYû4HEûCOMBINEDû
ENTITYûHASûAûõBNûENTERPRISEûVALUEûANDû%14û
WILLûOWNûAûMAJORITYûOFûTHEûMERGEDûGROUP
)NûTHEûSUMMER û3IVANTOSûlNALISEDûAû
53BNûLOANûANDûAûõBNûLOANûTOûlNANCEû
THEûBUYOUTEUROPEAN LEVERAGED LOANS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BNP Paribas 57 10,283.02 7.6
2 Credit Agricole 50 9,576.32 7.1
3 Deutsche Bank 39 8,327.66 6.2
4 HSBC 37 7,277.83 5.4
5 Goldman Sachs 31 6,747.94 5.0
6 Natixis 36 6,598.99 4.9
7 SG 36 6,522.09 4.8
8 Citigroup 25 6,310.44 4.7
9 Barclays 28 5,887.09 4.4
10 JP Morgan 29 5,573.38 4.1
Total 188 134,852.34
Excluding project finance. Western Europe only included.Source: Refinitiv SDC code: P10EMEA SPONSORED LOAN BOOKRUNNERS
BY VOLUME: 1/1/2018 TO DATE
Europe, Middle East, Africa
Managing No of Total Share
bank or group issues US$(m) (%)
1 Deutsche Bank 25 5,486.60 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 4,352.70 5.9
6 HSBC 21 4,085.27 5.5
7 JP Morgan 22 3,981.63 5.4
8 SG 22 3,652.23 5.0
9 Barclays 18 3,598.12 4.9
10 RBC 15 2,866.15 3.9
Total 117 73,702.39
Excluding project finance.
Source: Refinitiv SDC code: P13