IFR Magazine – June 08, 2019

LOANS LEVERAGED LOANS

VICTORY CUTS LOAN TO US$1.1bn

VICTORY CAPITAL MANAGEMENT has decreased the
SIZEûOFûITSûTERMûLOANûTOû53BNûFROMû
53BNûAFTERûGENERATINGûEXCESSûCASHmOWû
ONûTHEûBACKûOFûSTRONGERûPERFORMANCES
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MANAGEMENTûlRMûNOWûNEEDSûLESSûDEBTûTOû
FUNDûITSûPROPOSEDûACQUISITIONûOFû53!!û!SSETû
-ANAGEMENT
0RICINGûONûTHEûSEVEN
YEARûTERMûLOANûALSOû
TIGHTENEDûTOûBPûOVERû,IBORûFROMûBP
4HEûû,IBORûmOORû/)$ûOFûûANDûTHEûû
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REMAINûUNCHANGED
6ICTORYû#APITALûISûALSOûRAISINGûAû53Mû
REVOLVINGûCREDITûFACILITY
Barclays WASûADMINISTRATIVEûAGENTûANDû
BOOKRUNNERûONûTHEûTRANSACTIONûWHILEûRBC
and BMO WEREûBOOKRUNNERS
#ORPORATEûFAMILYûANDûlRST
LIENûFACILITYû
RATINGSûAREû"A""

0ROûFORMAûNETûDEBTûTOû%BITDAûISûEXPECTEDû
TOûBEûAPPROXIMATELYûûTIMESûAFTERûTHEû
ACQUISITIONûISûCOMPLETE
#YBERSECURITYûlRMûMCAFEE has agreed a
lNANCINGûPACKAGEûTOûPAYûAûDISTRIBUTIONûTOû
SHAREHOLDERS
4HEûCOMPANYûINCREASEDûTHEûINCREMENTALû
EUROûLOANûTOûõMû53MûEQUIVALENT û
UPSIZEDûBYû53Mû53ûDOLLARûEQUIVALENTû
4HATûLOANûWILLûCONTINUEûTOûPAYûBPûOVERû
%URIBORûWITHûAûûmOORû)TûSOLDûATûAûDISCOUNTû
OFû
!û53MûINCREMENTALûTERMûLOANû
REMAINSûANDûWILLûSTILLûPAYûBPûOVERû,IBORû
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HAVINGûBEENûGUIDEDûATû

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MONTHSûONûTHEûCOVENANT
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MATURESûINû3EPTEMBERû
4HEûCOVENANT
LITEûLOANSûMATUREûINû
3EPTEMBERûû3OFTûCALLûPROTECTIONûOFûû
WILLûBEûRESETûFORûSIXûMONTHS
Bank of America Merrill Lynch arranged the
lNANCINGûALONGûWITHûBarclays, Citigroup,
Deutsche Bank, Goldman Sachs, JP Morgan,
Mizuho, Morgan Stanley, RBC and UBSû4HEûCO
manager is TPG
-C!FEEûISûSEEKINGûTOûRAISEûTHEû53Mû
53ûDOLLAR
EQUIVALENTûOFûNEWûFUNDEDûDEBTûTOû
RETURNûCAPITALûTOûSHAREHOLDERSûANDûFORûOTHERû
GENERALûCORPORATEûPURPOSES
Life sciences company AVANTOR was
SCHEDULEDûTOûCLOSEûONû&RIDAYûAûREPRICINGûOFûITSû
53MûANDûõMûTERMûLOANû"ûFACILITIES
Goldman Sachs WASûLEADINGûTHEûTRANSACTIONû
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BPûOVERû,IBOR
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BPûOVERû%URIBOR

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expects to use a portion of proceeds from

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53M

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SAID

CONFLUENT HEALTH MARKETS TLB

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TERMûLOANû"ûTHATûWILLûBACKûANûINVESTMENTûBYû

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Deutsche Bank, Bank of Ireland and Macquarie

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Credit Suisse, SunTrust and Deutsche Bank

ARRANGEDûTHEûTRANSACTION

GOLDEN STATE MEDICAL SUPPLY is out with a

53MûLOANûLEDûBYûSunTrust and Antares

4HEûDEALûCOMPRISESûAû53MûREVOLVERûAû

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WORLEY TAKES US$380m DEAL

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issue price, unchanged from the discount at

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RESPECTIVELY

Antares Capital WASûLEAD

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Capital, Madison Capital and Owl Rock Capital

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Banking software company WALL STREET

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