4HEûEURO
DENOMINATEDûlRST
LIENû4ERMû
,OANû"ûPRICEDûATûBPûOVERû%URIBOR ûFROMû
GUIDANCEûOFûBPnBP ûWHILEûTHEûSTERLINGû
LOANûPRICEDûATûBPûOVERû,IBOR ûFROMû
BPnBPûATûLAUNCHû"OTHûLOANSûHAVEûAû
ûmOOR
4HEûEUROû4,"ûWASûISSUEDûATûPAR ûFROMûû
at launch, while the sterling loan was issued
ATû ûUNCHANGEDûFORMûGUIDANCE
4HEREûISûûSOFTûCALLûPROTECTIONûFORûSIXû
months.
4HEû2#&ûINCLUDESûAûSPRINGINGûSENIORû
secured leverage covenant and is priced at
BPûOVERû%URIBOR
Barclays, Credit Suisse, Goldman Sachs, ING
and UBS are joint global coordinators and
joint physical bookrunners, with Deutsche
Bank as joint bookrunner.
&ORûTHEûûMONTHSûTOûUNEû û!SMODEEû
GENERATEDûREVENUESûOFûõM
0ROûFORMAûFORûTHEûlNANCING ûSENIORûANDû
TOTALûNETûTOTALûLEVERAGEûWILLûBEûûTIMESûANDû
ûTIMESû,4-ûUNEûûADJUSTEDûPROûFORMAû
%BITDAûOFûõM ûRESPECTIVELYûIMPLYINGûAû
ûEQUITYûCUSHIONûFORûTHEûlNANCING
!SMODEESûBEST
KNOWNûTITLESûINCLUDEû
#ATAN û4ICKETûTOû2IDE û3PLENDORûANDû3TARû
Wars: X-Wing.
JDE FIRMS PRICING ON TLBSGlobal tea and coffee company JACOBS DOUWE
EGBERTSûHASûlRMEDûPRICINGûONûTHEûEUROûANDû
dollar Term Loan Bs it is seeking to extend
FORûTWOûYEARSûTOû/CTOBERû
3EVEN
YEARûõMûANDû53Mû4,"SûAREû
BOTHûSETûATûBPûOVERû%URIBOR,IBOR
4HEûmOORûONûTHEûEUROûLOANûPRICEDûATû û
ATûTHEûTIGHTERûENDûOFûINITIALûGUIDANCEûOFû
ûANDûISSUEDûATûPAR ûTIGHTENINGûFROMûTHEû
INITIALûOFFERINGûOFûû/)$
The euro loan also includes a 25bp step-
DOWNûATûûTIMESûNETûLEVERAGE
The dollar loan remains unchanged from
LAUNCHûTERMS ûWITHûAûûmOORûANDûû/)$
"OTHû4,"SûWILLûRESETûûSOFTûCALLû
protection for six months.
0RICINGûONûAûlVE
YEARûõMûREVOLVINGû
CREDITûFACILITYûANDûõBNûOFû4ERMû,OANû!Sû
REMAINSûUNCHANGEDûATûBPûOVERû%URIBORû
ANDûAûûmOOR
The corporate family rating is Ba2.
BNP Paribas, Deutsche Bank and JP Morgan
were joint bookrunners. JP Morgan is sole
lead left on the dollar TLB and admin agent
on the deal.
NEMERA PREPARES €455m DEALHealth devices manufacturer NEMERA is
AIMINGûTOûSYNDICATEûAûõMûDEBTûPACKAGEû
BACKINGûPRIVATEûEQUITYûlRMSû!STORGûANDû
-ONTAGUSûJOINTûOWNERSHIPûOFûTHEûCOMPANY
4HEûDEBTûISûDIVIDEDûINTOûAûõMûlRST
LIENû
LOANûANDûANûõMûSECOND
LIENûFACILITY
Montagu acquired the France-
headquartered company through a
MANAGEMENTûBUYOUTûINûûANDûHASûOPTEDû
TOûREINVESTûINûAûûSTAKEûINûTHEûCOMPANYû
FOLLOWINGû!STORGSûINVESTMENT
4HEûVALUEûOFûTHEûDEALûISûõBN ûACCORDINGûTOû
data and information provider Marketline.
The company was spun off from UK
PACKAGINGûCOMPANYû2EXAMûINû
Nemera specialises in making auto-
injectors, inhalers, insulin pens and eye
droppers, as well as other products, and has
manufacturing sites in France, Germany and
the US.ASIA-PACIFIC
PAMEL PAYS UP FOR US$185m LBO LOANPan Asia Majestic Eagle is paying up for a
lVE
YEARûLOANûOFûUPûTOû53MûTHATûWILLû
fund its leveraged buyout as well as
RElNANCEûDEBT
DBS Bank, ING Bank and OCBC Bank are the
mandated lead arrangers, bookrunners and
equal underwriters of the loan for the
-YANMAR
BASEDûTELECOMûINFRASTRUCTUREûlRMû
The facility comprises a phase one portion
and a phase two piece.
The interest margins on phases one and
TWOûAREûBPûANDûBP ûRESPECTIVELY ûANDû
THEûAVERAGEûLIVESûAREûûANDûûYEARS
Banks are being invited to join phases one
and two on a pro rata basis. Lenders joining
as MLAs with commitments of US$25m or
MOREûRECEIVEûALL
INûPRICINGûOFûBPûANDû
BPûFORûPHASESûONEûANDûTWO ûRESPECTIVELY û
VIAûAûPARTICIPATIONûFEEûOFûBP ûWHILEûLEADû
ARRANGERSûWITHû53MnMûTICKETSûEARNû
ALL
INûPRICINGûOFûBPûANDûBP û
RESPECTIVELY ûVIAûAûBPûPARTICIPATIONûFEE
The borrower is PAMEL HOLDINGS ûAû#AYMANû
Islands-incorporated special purpose vehicle
and the acquiring entity.
0RIVATEûEQUITYûlRMû40'û#APITALûHASû
COMPLETEDûTHEû,"/ ûACQUIRINGûûOFû
Pamel, which will complement its existing
Myanmar telecom tower asset, Apollo
Towers. The Pamel-Apollo Towers combine
ISûEXPECTEDûTOûHAVEûMOREûTHANû ûTELECOMû
towers in Myanmar and an enterprise value
OFûATûLEASTû53M
0AMELSûPREVIOUSûVISITûTOûTHEûLOANûMARKETSû
WASûINû!UGUSTûûFORûAû53MûlVE
YEARû
RElNANCINGûOFûITSûDEBUTûLOANûCOMPLETEDûINû
û$"3 û).'ûANDû/#"#ûWEREûTHEûLENDERSûONûTHATûRElNANCING ûWHICHûHADûANûAVERAGEû
life of about four years and paid tighter
pricing than the previous transaction.
Headquartered in Yangon, Pamel was
ESTABLISHEDûINûû)TSûPREVIOUSû
shareholders included investors such as
1ATARSû/OREDOO ûHEDGEûFUNDû&ARALLONû
#APITALûFORMERLYû.OONDAYû!SSETû
Management), and Michael Gearon and
Peter Egbertsen, who were the former
founding shareholders of telecom tower
lRMû0ROFESIONALû4ELEKOMUNIKASIû)NDONESIAû
(Protelindo).RESTRUCTURING
UNITED STATES
LENDERS OFFER SEARS US$1.8bn DIP2ETAILERûSEARS HOLDINGS CORPSûPRE
PETITIONû
lRST
LIENûLENDERSûHAVEûAGREEDûTOûOFFERûTHEû
COMPANYûAû53BNûDEBTOR
IN
POSSESSIONû
asset-based revolving credit facility.
4HEûCOMPANYSûBANKRUPTCYûWASû
announced on Monday after years of losses.
3EARSûPLANSûTOûREORGANISEûANDûCLOSEûûNON
performing stores around the end of the
year to focus on smaller shops.
The DIP ABL facility will comprise
REVOLVINGûCOMMITMENTSûOFû53BNûANDûAû
TERMûLOANûOFû53M
4HEûDEALûALSOûINCLUDESû53MûOFû
INCREMENTALûROOMûSPLITûBETWEENû53Mû
OFûTERMûLOANûDEBTûANDû53MûOFûREVOLVERû
capacity.
Bank of America Merrill Lynch is
administrative agent on the DIP ABL.
Additional joint lead arrangers and
bookrunners include BAML, Wells Fargo and
Citigroup. The three banks are the initial
lenders.
The revolving credit facility will be priced
ATûBPûOVERû,IBORû4HEûTERMûLOANûWILLûBEû
PRICEDûATûBPûOVERû,IBORû4HEûFACILITYûWILLû
mature in one year.
Sears said that it is also working on terms
FORûAû53MûOFûJUNIORûDEBT
IN
POSSESSIONû
term loan with Sears chief executive Eddie
,AMPERTSûHEDGEûFUND û%3,û)NVESTMENTS
Lampert and his hedge fund own almost
ûOFû3EARSûSHARESûANDûHOLDSû
approximately US$2.5bn in debt. As part of
the bankruptcy, Lampert will remain as
chairman of the board but is stepping down
ASû#%/û!ûTHREE
PERSONûCOMMITTEEûWILLû
assume his responsibilities.