4HEûlNANCINGûWASûORIGINALLYûARRANGEDûINû
November 2015 for six-years combining
)SLAMICûANDûCONVENTIONALûlNANCINGû4HEûLOANû
COMPRISEDûAû53MûTERMûLOAN ûAû53Mû
committed capital expenditure facility and
53MûFORûWORKINGûCAPITAL ûWITHûAûFURTHERû
US$300m uncommitted facility.
Abu Dhabi Islamic Bank coordinated the
lNANCINGûASûBOOKRUNNERûANDûMANDATEDûLEADû
arranger alongside, National Bank of Abu
Dhabi, Abu Dhabi Commercial Bank and
HSBC Bank Middle East as mandated lead
arrangers.
Lead arrangers were National Bank of
Kuwait, ABC Islamic Bank and First Gulf
Bank.
4HEûLOANûWASûAMENDEDûINû!UGUSTûûTOû
revise leverage and interest cover ratios.
Those amendments remain in place.
GMS is listed on the London Stock
%XCHANGEûANDûWASûFOUNDEDûINûûANDû
serves the oil, gas and renewable energy
INDUSTRIESûFROMûITSûOFlCESûINûTHEû5!% û3AUDIû
Arabia and the UK.
UK
TRIG UPS LOAN TO £240mTHE RENEWABLES INFRASTRUCTURE GROUP has
increased its existing revolving acquisition
facility to £240m from £150m to fund the
company’s pipeline of potential
acquisitions.
Existing lenders Royal Bank of Scotland and
National Australia Bank HAVEûBEENûJOINEDûBYû
ING Bank to provide the additional lending
capacity.
The increased facility continues to
operate on the same terms as before with an
unchanged maturity of September 30 2019.
The loan was originally agreed in April
ûFORûTHREEûYEARSû4HEûlNANCINGûINCLUDEDû
a £15m working capital facility and paid a
drawn margin of 205bp over Libor.
4HEûFACILITYûMATURITYûWASûEXTENDEDûBYûlVEû
MONTHSûINû*ANUARYûû
TRIG invests in wind farms and solar PV
PROJECTSûINûTHEû5+ û&RANCEûANDû)RELANDNORTH AMERICA
CANADA
IAMGOLD AMENDS AND EXTENDS LOANToronto and New York-listed gold miner
IAMGOLD CORP has amended and extended its
existing US$250m revolving credit facility
on more favourable terms.
4HEûlNANCINGûHASûBEENûEXTENDEDûBYûTWOû
years to March 2022 and amended to
include an option to add a further
US$100m to the existing fully committed
US$250m.
The corporate facility was originally
arranged in January 2016 via National Bank
of Canada and Deutsche Bank as co-lead
MANAGERSûANDûJOINTûBOOKRUNNERS ûANDû
comprised a fully committed US$100m
revolver, which was secured andimmediately available, with an accordion
option to add a further US$150m.
4HEûlNANCINGûWASûINCREASEDûTOû53M
equivalent after Ressources Quebec - a
SUBSIDIARYûOFû)NVESTISSEMENTû1UEBECû
ûJOINEDû
THEûlNANCINGûWITHûAû#Mû53M û
COMMITMENTû4HEûlNANCINGûWASûINCREASEDûBYû
53MûINû-AYûûWITHû#ITIGROUPûJOININGû
the facility and by US$30m in September
ûWITHû-ORGANû3TANLEYûJOINING
4HEûlNANCINGûWASûINCREASEDûAGAINûINû
&EBRUARYûûWITHû53MûOFûNEWû
commitments from Royal Bank of Canada,
Toronto Dominion Bank and Export
Development Canada.UNITED STATES
WYNDHAM TAKES US$2bn BRIDGEWYNDHAM WORLDWIDE CORP has agreed up to
53BNûINûlNANCINGûCOMMITMENTSûWITHû
Barclays and Deutsche Bank to support its
US$1.95bn purchase of La Quinta Holdings’
hotel operations.
The banks agreed to provide unsecured
BRIDGEûlNANCINGûDUEûINûûDAYS ûWITHûTHEû
option of extending the maturity by an
additional 364 days.AMERICAS LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 JP Morgan 3 1,766.43 11.9
=1 Wells Fargo 3 1,766.43 11.9
=1 BAML 3 1,766.43 11.9
4 Mizuho 2 1,445.00 9.7
=4 MUFG 2 1,445.00 9.7
6 Citigroup 2 946.43 6.4
7 HSBC 1 875.00 5.9
=7 CIBC 1 875.00 5.9
=7 RBC 1 875.00 5.9
=7 BMO 1 875.00 5.9
Total 5 14,887.39
Proportional credit
Source: Thomson Reuters SDC code: R7
Melrose agrees £4.5bn loan
for GKN bid
UK Funds provided by Lloyds and RBCManufacturing investment company MELROSE
is backing its £7.4bn hostile bid for engineering
firm GKN with £4.5bn-equivalent of loans.
Melrose made a firm cash-and-shares bid
on Wednesday, valuing each GKN share at
430.1p, after an earlier 405p-per-share offer was
rebuffed on January 12.
The loan will finance the cash consideration
and refinance the existing debt of both
companies as well as providing flexibility.
The financing comprises term loans and
revolving credit facilities of £2.6bn, US$2bn and
€500m.
The term loans mature at the earlier of 3.5
years after the date of the facilities agreement or
three years after the closing of the merger. The
revolving credit facilities mature in five years.
Margins range from 75bp to 225bp over Libor/
Euribor, depending on leverage.
Covenants include minimum interest cover of
4.0 times and maximum leverage of 3.5 times.
Lloyds and Royal Bank of Canada are initially
providing the loans on a certain funds basis, with
Lloyds as facility agent.Under the 80/20 shares and cash offer, GKN
shareholders will receive 1.49 new Melrose
shares and 81p in cash for each GKN share. GKN
shareholders would own around 57% of the
enlarged company.
Net leverage on the proposed transaction is in
line with Melrose’s strategy of around 2.5 times
combined group Ebitda.
GKN dismissed Melrose’s £7.4bn hostile bid on
Wednesday, saying that the terms of the paper-
and-cash offer were “effectively unchanged”
from a first private approach on January 8, which
GKN also spurned.
Rothschild and RBC Capital Markets are
financial advisers to Melrose on the offer.
Melrose tapped the loan market in July 2016
for a US$1.25bn financing backing its acquisition
of US-based ventilation company Nortek and to
replace its existing revolving credit facility.
That five-year financing - which was arranged
by JP Morgan, Lloyds, Bank of America Merrill
Lynch and HSBC - comprised a US$350m term
loan and a US$900m revolving credit facility.
Alasdair Reilly