are passive bookrunners. Commitments are
due on August 7.
Blackstone has agreed to acquire
the Paris-headquartered business from
PRIVATEûEQUITYûlRMû%QUISTONEûFORûAROUNDû
€700m.
The company specialises in the making of
racking and other metallic furniture
designed for warehouses, and has revenues
OFûõM
Blackstone is buying a 55% stake
INû4HOMSONû2EUTERSû&INANCIALû
ANDû2ISKûUNIT ûWHICHûINCLUDESû,0#û
and IFR.FONCIA ALLOCATES ADD-ON&RENCHûREALûESTATEûSERVICESûlRMûFONCIA has
allocated its €80m term loan add-on at the
tight end of guidance.The incremental facility pays in line
WITHûTHEûEXISTINGûTERMûLOANûATûBPûOVERû
Euribor, and came at the tight end of offer
guidance of 98.5–99.
0ROCEEDSûRElNANCEûSOMEûOFû&ONCIASû
second-lien debt. The company issued
€187m of second-lien debt through
0ARTNERSû'ROUPSûBUYOUTûOFûTHEûlRMû
INû
The remaining second-lien debt was also
repriced from 750bp over Euribor with a
ûmOORûTOûBPûWITHûAûûmOOR
Natixis arranged the deal.
Foncia was last in the market in
$ECEMBERûWITHûAûREPRICINGûOFûITSûõMû
4ERMû,OANû"ûTOûBPûOVERû%URIBORûFROMû
BP
Foncia provides a range of services to
residential property owners and tenants,
including joint-property management,
lease management and rental and
transaction services.RESTRUCTURING
EUROPE/MIDDLE EAST/
AFRICASTEINHOFF’S HEMISPHERE ENTERS
LOCK-UP WITH CREDITORSHEMISPHERE INTERNATIONAL PROPERTIES, a unit of
troubled South African retailer STEINHOFF,
HASûOFlCIALLYûENTEREDûINTOûAûLOCK
UPû
agreement with its creditors while it
implements an agreed debt restructuring.
The company said that 90% in value of
CREDITORSûBEHINDû(EMISPHERESûõMû
revolving credit facility had agreed to
enter into the lock-up agreement, which
has now become effective.
Under the terms of the restructuring a
new facility will be put in place with a
maturity date of three years from the
implementation of the restructuring –
WHICHûISûEXPECTEDûTOûHAPPENûONû!UGUSTû
/Nû*ULYûû3TEINHOFFûOFlCIALLYû
entered into a lock-up agreement
with the creditors of Steinhoff Europe
3%!' û3TEINHOFFû&INANCEû(OLDINGû
(Finance Holding) and Stripes US
(OLDINGû353() ûREGARDINGûAûlNANCIALû
restructuring of the debt related to
these entities.
Steinhoff aims to implement the
restructuring of these units within three
months and the terms of the restructuring- as set out under the lock up agreement –
will remain in place for three years until
$ECEMBERûû ûSUBJECTûTOûANYû
extension.
Mothercare completes
refinancing
UK Refi follows successful equity raisingUK mother and baby retailer MOTHERCARE has
completed the refinancing of its debt facilities
following a successful equity raising.
The company held a general meeting on July
26 during which all the resolutions relating to the
company’s £32.5m equity raising were passed
by the required majority of shareholders, paving
the way for the new shares to start trading on the
London Stock Exchange on July 27.
On July 25 the company said that investors
had taken up 77.9% of the shares on open
offer, with the remaining shares to be taken up
following the placing.
The completion of the equity raising has
enabled Mothercare to complete its debt
restructuring plan.
Under the terms of the plan, revised
debt facilities of £67.5m will be provided
by Mothercare’s existing lenders as per a
restructuring plan agreed in May. The facilities
will have a final maturity of December 2020.
Mothercare currently has a £62.5m revolving
credit facility from HSBC and Barclays,
comprising a £50m tranche maturing in May
2020, with two one-year extension options; anda £12.5m tranche maturing in November 2018,
with two six-month extension options.
The financing includes an accordion facility
that allows the company to draw down up to
£75m. The facility pays a margin ranging from
200bp to 300bp over Libor.
“Earlier this year Mothercare faced a bleak
future with growing financial stress upon the
business and in May, we announced a series
of measures to refinance and restructure
the business. With the support of all of our
stakeholders we have today completed the
refinancing of the group,” said Clive Whiley,
interim executive chairman.
However, he said that conditions in the retail
sector remain challenging. “We cannot be
complacent, as refinancing the business is just
the first step of building a solid foundation for
the future of the Mothercare brand.”
The company voluntary arrangements (CVA)
for Mothercare UK Ltd and Early Learning Centre
Ltd were approved by 75% of creditors in June
and will go ahead, with 60 stores set to close by
June 2019.
Sandrine BradleyEUROPEAN LEVERAGED LOANS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BNP Paribas 41 8,585.52 8.5
2 Credit Agricole 38 7,590.92 7.5
3 Deutsche Bank 31 7,010.88 6.9
4 HSBC 26 5,553.39 5.5
5 SG 27 5,517.04 5.5
6 JP Morgan 21 5,324.70 5.3
7 Goldman Sachs 21 5,012.69 5.0
8 Citigroup 17 4,974.35 4.9
9 Natixis 22 4,161.31 4.1
10 Barclays 19 3,982.75 3.9
Total 117 101,117.35
Excluding project finance. Western Europe only included.
Source: Thomson Reuters SDC code: P10
EMEA 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 BNP Paribas 23 4,520.49 8.9
2 Deutsche Bank 17 4,069.92 8.0
3 Credit Agricole 23 3,254.30 6.4
4 HSBC 15 3,231.21 6.4
5 SG 17 3,206.05 6.3
6 JP Morgan 13 3,007.31 5.9
7 Goldman Sachs 15 2,724.33 5.4
8 Natixis 16 2,688.33 5.3
9 Barclays 11 2,252.73 4.4
10 Citigroup 7 2,110.71 4.2
Total 70 50,809.52
Excluding project finance.
Source: Thomson Reuters SDC code: P13