IFR Magazine – June 08, 2019

4HEûTERMûLOANûWHICHûWILLûBEûATTACHEDûTOû
7ALLû3TREETû3YSTEMSû.OVEMBERûû
FACILITYûPRICEDûATûBPûOVERû,IBOR
UBS ARRANGEDûTHEûlNANCING
)Nû.OVEMBERûû7ALLû3TREETû3YSTEMSû
REARRANGEDûAûPORTIONûOFûITSû53MûDUAL
CURRENCYûFACILITYûTOûEUROSûFROMûDOLLARS
$ATABASEûSOFTWAREûlRMûIDERAûHASûALLOCATEDû
Aû53MûSENIORûSECUREDûLOAN
4HEûLOANûFUNGIBLEûWITHûTHEûCOMPANYSû
TERMûLOANû"ûAGREEDûINûûANDûREPRICEDûAû
YEARûLATERûPRICEDûATûBPûOVERû,IBORûWITHûAû
û/)$û4HEREûISûAûûmOORûANDûûSOFTûCALLû
PROTECTIONûFORûSIXûMONTHS
4HEûCORPORATEûFAMILYûRATINGûISû""
ûANDû
THEûLOANûISûRATEDû""
ûWITHûAûRECOVERYûRATINGû
OFû
Jefferies ARRANGEDûTHEûDEAL
0ROCEEDSûFROMûTHEûlNANCINGûWILLûBEûUSEDû
TOûFUNDûPRIVATEûEQUITYûlRMû0ARTNERSû'ROUPSû
purchase of a minority stake in the
COMPANY
-IDDLEûMARKETûPRIVATEûEQUITYûlRMû(''#û
ISûTHEûCONTROLLINGûOWNERûOFû)DERAûAFTERû
AGREEINGûTOûAû53BNûDEALûINûûWITHû
PREVIOUSûOWNERû4!û!SSOCIATES
4HEûACQUISITIONûANDûRECAPITALISATIONûOFûTHEû
BUSINESSûWASûSUPPORTEDûBYûAû53MûlRST
LIENûTERMûLOANûANDû53MûSECOND
LIENû
LOAN
4!û!SSOCIATESûANDûTHEûCOMPANYSû
management are minority owners in the
BUSINESSûALONGSIDEû0ARTNERSû'ROUP

EUROPE/MIDDLE EAST/

AFRICA

DEBT LINED UP FOR CRH UNIT

"ANKERSûAREûWORKINGûONûDEBTûlNANCINGSûINû
EXCESSûOFûõBNûTOûBACKûAûPOTENTIALûSALEûOFû
)RISHûBUILDINGûMATERIALSûGROUPûCRHSû
%UROPEANûDISTRIBUTIONûARMûASûBIDDERSû
PREPAREûSECOND
ROUNDûBIDS
$UBLIN
BASEDû#2(ûHIREDûBank of America
Merrill Lynch EARLIERûTHISûYEARûTOûRUNûAûSALESû
process of the unit, which has an estimated
VALUEûOFûõBN
3ECOND
ROUNDûBIDSûINûANûAUCTIONûPROCESSû
AREûDUEûBYû*ULYûûAFTERûlRST
ROUNDûBIDSûWEREû
SUBMITTEDûONû-AYû
!ûNUMBERûOFûSPONSORSûHAVEûBEENûLINKEDûTOû
THEûDIVISIONûINCLUDINGû!DVENTû!POLLOû"AINû
"LACKSTONEû#6#û#$2û%14ûANDû,ONESTARû
"ANKERSûAREûBEINGûINFORMEDûWHOûISûTHROUGHû
TOûTHEûNEXTûROUND
"!-,ûHASûPROVIDEDûAûSTAPLEûlNANCINGûOFû
AROUNDûûTIMESûTOûBEûOFFEREDûTOûANYû
BIDDER
4HISûWOULDûEQUATEûTOûAROUNDûõBNû
BASEDûONûTHEûUNITSûAPPROXIMATEûõMû
%BITDAû5NDRAWNûFACILITIESûWOULDûTAKEû
THEûTOTALûDEBTûLEVELûHIGHERûTOûAROUNDû
õBN

/THERûBANKERSûAREûALSOûWORKINGûONû

lNANCINGûPACKAGESûOFûAûSIMILARûVALUEû

COMPRISINGûSENIORûLEVERAGEDûLOANSûANDû

SUBORDINATEDûSECOND

LIENûLOANSû(IGH

YIELDû

BONDSûCOULDûALSOûBEûCONSIDERED

"ANKERSûAREûUSINGû#6#Sû3WEDISHû

CONSTRUCTIONûPRODUCTSûANDûTOOLSûSUPPLIERû

!HLSELLûANDû,ONESTARSû.ORDIC

BASEDûBUILDINGû

MATERIALSûRETAILERûANDûDISTRIBUTORû3TARKû

'ROUPûASûCOMPARISONSûTHEûSOURCESûSAID

#2(ûEMPLOYSûûPEOPLEûATûû

LOCATIONSûWORLDWIDEûANDûHADûREVENUESûOFû

õBNûINû

SYNLAB SEEKS €920m TLB

%UROPEANûLABûOPERATORûSYNLABûHASûLAUNCHEDûAû

õMûTERMûLOANû"ûTHATûWILLûBEûUSEDûTOû

RElNANCEûEXISTINGûSENIORûSECUREDûlXED

RATEû

NOTESûANDûPAYûASSOCIATEDûFEESûANDûEXPENSES

4HEûSEVEN

YEARûLOANûWILLûHAVEûAûûmOORû!û

LENDERûMEETINGûWILLûBEûHELDûONû4UESDAYû

WHENûMOREûPRICINGûDETAILSûWILLûBEûREVEALED

0HYSICALûBOOKRUNNERSûAREûGoldman Sachs,

Barclays, HSBC and Morgan Stanley

0ROûFORMAûFORûTHEûTRANSACTIONû3YNLABûWILLû

HAVEûNETûSENIORûSECUREDûLEVERAGEûOFûûTIMESû

ANDûNETûTOTALûLEVERAGEûOFûûTIMESûBASEDûONû

,4-û1ûûCOVENANT

ADJUSTEDû%BITDAûOFû

õM

4HEûBORROWERûBACKEDûBYûPRIVATEûEQUITYû

lRMû#INVENûLASTûTAPPEDûTHEûLOANûMARKETûINû

!PRILûWHENûITûSECUREDûAûõMûADD

ONûLOANû

THATûPAYSûBPûOVERû%URIBORûWITHûAûûmOORû

ANDûATûû/)$

(EADQUARTEREDûINû-UNICHû3YNLABû

OPERATESûACROSSûMOREûTHANûûCOUNTRIESû

WITHûMOREûTHANûûEMPLOYEESû)TûHASû

SALESûREVENUEûOFûAROUNDûõBNûACCORDINGûTOû

ITSûWEBSITE

SECTOR ALARM CUTS TLB PRICING

SECTOR ALARMûTHEûSECONDûLARGESTûALARMûlRMû

INû%UROPEûHASûCUTûPRICINGûONûITSûõMûTERMû

LOANû"

0RICINGûONûTHEûSEVEN

YEARûCOVENANT

LITEû

LOANûHASûBEENûLOWEREDûTOûBPûOVERû%URIBORû

FROMûBP

BPûATûLAUNCHû4HEûûmOORûISû

UNCHANGEDûWHILEûTHEûDEALûWASûISSUEDûATûPARû

HAVINGûLAUNCHEDûATû

4HEûDEALûINCLUDESûûSOFTûCALLûPROTECTIONû

FORûSIXûMONTHS

3HAREHOLDERSûINû3ECTORû!LARMûHAVEûTAKENû

AROUNDûõMûASûAûDIVIDENDûASûPARTûOFûAû

WIDERûõMûRECAPITALISATION

h4HISûISûAûPRIVATELYûOWNEDûCOMPANYûWHICHû

ISûWELLûLIKEDûACROSSûTHEûLEVERAGEDûLOANû

MARKETû)TSûPERFORMEDûWELLûANDûTHEYREû

TAKINGûSOMEûMONEYûOUTvûAûSENIORûBANKERû

SAID

Bank of America Merrill Lynch and Morgan

Stanley WEREûGLOBALûCOORDINATORSûWHILEû

Danske Bank and DNB WEREûBOOKRUNNERS

#ORPORATEûANDûFACILITYûRATINGSûAREû""

3ECTORû!LARMûISûAû.ORWEGIANûCOMPANYû

WITHûAûûTURNOVERûOFûOVERûõMûANDûITû

PROVIDESûMONITOREDûSECURITYûTOûHOMEOWNERSû

ANDûSMALLûBUSINESSESûACROSSû%UROPE

ELSAN PRICES €100m ADD-ON

#6#

OWNEDûPRIVATEûHOSPITALSûOPERATORûELSAN

HASûPRICEDûAûõMûADD

ONûTOûFUNDû

ACQUISITIONS

4HEûLOANûPRICEDûATûBPûOVERû%URIBORû

TIGHTERûTHANûGUIDANCEûOFûBPûWITHûAûû

mOORûANDûATûPARû)TûISûFUNGIBLEûTOûTHEûEXISTINGû

TERMûLOANû"ûANDûWILLûMATUREûINû/CTOBERû



!PARTûFROMûTHEûADD

ONûTHEûlRMûHASû

AGREEDûAûTWO

YEARûDEBTûMATURITYûEXTENSIONû

OFûITSûõBNûSENIORûPACKAGEûWHICHû

COMPRISESûAûõMûREVOLVINGûCREDITûFACILITYû

ANDûAûõBNûTERMûLOANû"

4HEûAMENDEDûMATURITYûFORûTHEûREVOLVERû

WILLûBEû!PRILûûINSTEADûOFû!PRILûûANDû

THEûTERMûLOANû"ûWILLûEXTENDûTOû/CTOBERûû

FROMû/CTOBERû

#6#ûHASûSECUREDûPORTABILITYûONûTHEûDEBTû

THATûWILLûENABLEûITûTOûREMAINûINûPLACEûINûTHEû

EVENTûOFûAûSALEûWITHINûTHEûNEXTûTWOûYEARS

EUROPEAN LEVERAGED LOANS

BOOKRUNNERS: 1/1/2019 TO DATE

Managing No of Total Share

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

1 Credit Agricole 17 3,422.34 7.5

2 Goldman Sachs 16 3,221.16 7.0

3 JP Morgan 14 2,956.35 6.5

4 Barclays 14 2,731.15 6.0

5 Deutsche Bank 19 2,659.70 5.8

6 BNP Paribas 18 2,641.17 5.8

7 Natixis 14 2,038.54 4.5

8 BAML 10 1,764.89 3.9

9 UBS 6 1,615.87 3.5

10 SG 9 1,610.82 3.5

Total 68 45,778.76

Excluding project finance. Western Europe only included.

Source: Refinitiv SDC code: P10

EMEA SPONSORED LOAN BOOKRUNNERS

BY VOLUME: 1/1/2019 TO DATE

Europe, Middle East, Africa

Managing No of Total Share

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

1 Deutsche Bank 19 2,659.70 11.3

2 Credit Agricole 13 2,024.77 8.6

3 Goldman Sachs 11 1,544.45 6.6

4 Natixis 13 1,431.16 6.1

5 JP Morgan 9 1,342.05 5.7

6 BNP Paribas 12 1,311.92 5.6

7 BAML 7 1,149.62 4.9

8 DNB 4 1,043.15 4.4

9 HSBC 7 968.57 4.1

10 SG 7 960.94 4.1

Total 43 23,530.52

Excluding project finance.

Source: Refinitiv SDC code: P13