IFR International - 20.10.2018

ASOS SIGNS £150m RCF

Online fashion company ASOS has signed a
aMûTHREE
YEARûREVOLVINGûCREDITûFACILITYûTOû
replace existing banking facilities that were
PUTûINûPLACEûlVEûYEARSûAGO
The move comes during a period of
intense investment for ASOS, with total
capital expenditure expected to increase to
BETWEENûaMûANDûaMûINûBOTHûû
ANDûûlNANCIALûYEARS
!3/3ûINCREASEDûITSûEXISTINGûaMû
revolving credit facility, including an
ANCILLARYûOVERDRAFTûFACILITYûTOûaMûEARLIERû
this year. The facility was available until
/CTOBERû

HEATHROW GETS £200m LOAN

HEATHROW AIRPORTûHASûSIGNEDûAûaMû
YEARû
loan with export credit agency Export
$EVELOPMENTû#ANADA
Proceeds will be used for general
corporate purposes and will help to
STRENGTHENû(EATHROWSûLIQUIDITYûHORIZONû
which has now been extended to December

4HEû#LASSû!ûTERMûLOANûCANûBEûDRAWNûUPûTOû
ûMONTHSûAFTERûSIGNING
(EATHROWûPRICEDûTWOû#ANADIANûBONDSû
EARLIERûTHISûYEARûFORûAûTOTALûOFû#M

BB ENERGY SIGNS US$245m RCF

Independent energy trading company BB
ENERGY HOLDINGSûHASûSIGNEDûAû53Mû
REVOLVINGûCREDITûFACILITYûRElNANCINGûAû
US$225m one-year revolver that was signed
INû/CTOBERû
4HEûlNANCINGûINTRODUCESûAûTHREE
YEARû
facility in addition to the existing one-year
TRANCHEûWHICHûHASûAû
DAYûEXTENSIONû
option.
4HEûlNANCINGûWASûLAUNCHEDûINûLATEû
!UGUSTûFORû53MûCLOSINGûAROUNDûû
oversubscribed and was subsequently

increased. Despite the increase there was

SIGNIlCANTûSCALINGûBACK

Credit Suisse, ING, Natixis and Standard

Chartered Bank are mandated lead

arrangers and bookrunners with UBS

and UniCredit Bank joining as mandated

lead arrangers before the launch of

syndication.

Mandated lead arrangers are ABN AMRO,

Rabobank, HSBC, Societe Generale, UBS and

UniCredit Bank. Lead arrangers are ABC

International Bank, Banca UBAE, Banque

Cantonale Vaudoise, British Arab Commercial

Bank, CA Indosuez, Commercial Bank of Dubai

and Garanti Bank. Arrangers are Citibank,

Deutsche Bank, First Abu Dhabi Bank and

Raiffeisen Bank International.

BB Energy was founded and is still owned

by the Bassatne family who began a

COMMODITIESûBUSINESSûINû,EBANONûINûû

trading grain and asphalt. The company has

ITSûMAINûOFlCESûINû,ONDONû3INGAPOREû

Dubai, Houston, Athens and Beirut.

NORTH AMERICA

UNITED STATES

UGI INTL LINES UP €900m REFI

UGI INTERNATIONAL, a subsidiary of US propane

distributor UGI CORPûISûLININGûUPûAûõMû

lNANCINGûWHICHûWILLûBEûUSEDûTOGETHERûWITHû

cash on hand to repay existing debt.

4HEûUNSECUREDûlNANCINGûINCLUDESûAû

õMûlVE

YEARûBULLETûTERMûLOANûANDûAû

õMûlVE

YEARûREVOLVINGûCREDITûFACILITYûTHATû

WILLûBEûUSEDûFORûRElNANCINGûFUNDINGû

working capital needs and for general

corporate purposes.

4HEûCOMPANYûHASûALSOûLAUNCHEDûAûõMû

senior unsecured bond.

The term loan will only be available in

EUROSûTHEû2#&ûWILLûBEûAVAILABLEûINû53ûDOLLARSû

and euros. The term loan is expected to pay

AûMARGINûOFûBPûOVERû%URIBORûORû%ONIAû

WHILEûEUROûBORROWINGSûUNDERûTHEû2#&ûAREû

EXPECTEDûTOûPAYûBPûOVERû%URIBORûORû%ONIAû

ANDû53ûDOLLARûBORROWINGSûBPûOVERû,IBOR

4HEû2#&ûWILLûBEûSUBJECTûTOûAûCOMMITMENTû

FEEûOFûûOFûTHEûAPPLICABLEûMARGINûONû

undrawn funds. There are also utilisation

FEESûONûTHEû2#&

The loans are conditional on the

COMPLETIONûOFûTHEûBONDûlNANCING

5')ûAGREEDûAûõMû2#&ûINû$ECEMBERû

ûVIAûCOORDINATINGûBOOKRUNNERûANDû

mandated lead arranger Natixis. BNP

0ARIBASû#REDITû!GRICOLEû#)"û(3"#û&RANCEû

ING Bank and Mediobanca were mandated

lead arrangers.

That facility was due to mature in April

ûANDûWASûSECUREDûBYûAûPLEDGEûOVERûû

of the shares of UGI France.

,OANSûMADEûINûEUROSûPAIDûBPûOVERû

Euribor, while loans made in US dollars paid

BPûOVERû,IBOR

UGI International primarily serves the

,0'ûMARKETSûOFûûWESTERNûANDûCENTRALû

European countries, operating under seven

distinct brands.

EURONET TAKES US$1bn RCF

Electronic payment services company

EURONET WORLDWIDEûHASûAGREEDûAû53BNûlVE

year unsecured revolving credit facility,

REPLACINGûANûEXISTINGû53MûSENIORû

secured credit.

The deal replaces a leveraged-based

pricing grid with a ratings-based grid and

expands multi-currency borrowing.

,ASTûMONTHû30ûREVISEDû%URONETSûRATINGû

view to BBB- with a positive outlook from

BBB- with a negative outlook.

The ratings agency cited “continued

strength in operating performance,

LEVERAGEûDECLININGûTOûUNDERûûTIMESûDEBTû

to adjusted Ebitda, and our view that an

acquisition of MoneyGram International is

less likely than before, although still

possible”.

)Nû-ARCHûû30ûREVISEDûITSûOUTLOOKû

to negative when Euronet said it was

bidding to buy MoneyGram, based on

concerns about a negative impact on

leverage.

The previous senior secured facility was

DUEûTOûMATUREûINû!PRILû

!SûOFû*UNEûûTHEûWEIGHTEDûAVERAGEû

interest rate under that revolving credit

FACILITYûWASû

LATIN AMERICA

COLOMBIA

CEMENTOS ARGOS MARKETS US$600m TL

#ONGLOMERATEûCEMENTOS ARGOS is in the

MARKETûWITHûAû53MûlVE

YEARûTERMûLOAN

BNP Paribas, Itau, JP Morgan and Bank of

America Merrill Lynch are leading the deal.

0RICINGûISûBPûOVERû,IBOR

Proceeds will be used for capital

expenditure and general corporate

purposes.

#EMENTOSû!RGOSûISûAûMULTINATIONALû

company that produces and markets cement

and ready-mix concrete through its

OPERATIONSûINû#OLOMBIAû53û#ENTRALû

!MERICAûANDûTHEû#ARIBBEAN

AMERICAS LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share
bank or group issues US$(m) (%)

1 BAML 972 293,795.93 12.2
2 JP Morgan 894 276,908.23 11.5
3 Wells Fargo 698 193,596.24 8.0
4 Citigroup 467 164,397.04 6.8
5 RBC 387 98,359.71 4.1
6 Barclays 350 93,154.20 3.9
7 Goldman Sachs 309 91,666.95 3.8
8 Morgan Stanley 218 78,702.49 3.3
9 MUFG 247 78,610.91 3.3
10 Deutsche Bank 275 67,437.27 2.8
Total 3,725 2,412,112.76
Proportional credit
Source: Refinitiv SDC code: R7