IFR Magazine - October 27, 2018

LOANS AMERICAS

GERMANY

FP UPS AND EXTENDS REFI

Mail management group FRANCOTYP-POSTALIA
has extended and increased its syndicated
LOANûTHATûWASûAGREEDûINû
4HEûDEALûNOWûTOTALSûõMûUPûFROMû
õMûAFTERûTHEûBORROWERûEXERCISEDûANû
OPTIONûTOûINCREASEûTHEûFACILITYûBYûõM
The maturity has been extended to 2023
from 2021 and includes an option to extend
FORûAûFURTHERûTWOûYEARS
The bank group comprises Commerzbank,
Deutsche Postbank, LBBW and UniCredit Bank

LUXEMBOURG

RAVAGO BAGS INCREASED
€1.65bn LOAN

Plastic and rubber distributor RAVAGO has
signed an amend and restatement of its
MULTI
CURRENCYûSECUREDûSYNDICATEDûCREDITû
FACILITIESûFORûõBN
Lead banks are ING and KBC

The facilities will be made available under

an amendment and restatement of the

EXISTINGûõBNûSYNDICATEDûFACILITIESûDATEDû

December 16 2015, which was increased

FOLLOWINGûTHEûõMûACCORDIONûINCREASEûONû

*UNEûû

4HEûLOANûLAUNCHEDûATûõBNûANDûWASû

INCREASEDûAFTERûANûOVERSUBSCRIPTION

Proceeds will be used for general

CORPORATEûPURPOSESûANDûWORKINGûCAPITAL

ABN AMRO, Agricultural Bank of China, Bank of

China, BayernLB, "ELlUSû"ANK, BNP Paribas Fortis,

Commerzbank, Deutsche Bank, HSBC, Industrial

and Commercial Bank of China and MUFG joined

as senior mandated lead arrangers ahead of

GENERALûSYNDICATIONû!ûFURTHERûûBANKSû

JOINEDûINûGENERALûSYNDICATION

Lead arrangers are BBVA, Banco de Sabadell,

Rabobank, First Abu Dhabi Bank, Raiffeisenbank

International, Societe Generale, UBS and

UniCreditû!RRANGERSûAREûBanque Cantonale de

Geneve, Banque Palatine, Barclays, Credit

Agricole, DBS, Emirates NBD, ICICI Bank, NBSA

and NatWest

&ORûTHEûFULL

YEARûû2AVAGOûHADû

REVENUESûOFûõBNûWITHû%BITDAûOFûõMû

Ravago employs more than 6,000 people

ACROSSûûCOUNTRIES

TURKEY

ISBANK NETS TERM LOAN REFI

ISBANKûHASûSIGNEDûAû

DAYûTERMûLOAN

4HEûFACILITYûCOMPRISESûAûõMûTRANCHEû

ANDûAû53MûTRANCHEûPAYINGûALL

INû

PRICINGûOFûBPûOVERû%URIBORûANDûBPû

OVERû,IBORûRESPECTIVELY

The transaction was provided by 26 banks

FROMûûCOUNTRIES

Proceeds will be used for general trade

lNANCEûPURPOSES

Standard Chartered Bank was coordinator

with Mizuho BankûASûTHEûFACILITYûAGENT

NORTH AMERICA

CANADA

LUNDIN MINING AMENDS AND

EXTENDS RCF

Base metals company LUNDIN MINING has

amended and extended its revolving credit

FACILITY

The agreement increases the facility

to US$550m with a US$50m accordion

option, reduces the costs of borrowing

and extends the term to October 2022

FROMû*UNEû

The deal contains additional revisions,

including the release of Tenke Holdings as a

guarantor, deleting the total debt to tangible

net worth ratio covenant, and increased

permitted indebtedness and liens

ALLOWANCES

The facility remains undrawn, other than

letters of credit issued for SKr162m

53M ûANDûõMûANDûCARRIESûINTERESTûONû

53ûDOLLAR

DENOMINATEDûDRAWNûFUNDSûATûRATESû

OFûBP

BPûOVERû,IBORûDEPENDINGûONû

THEûCOMPANYSûLEVERAGEûRATIO

0REVIOUSLYûTHEûMARGINûWASûBP

BPû

OVERû,IBOR

Bank of Nova Scotia and ING are lead

arrangers, with Bank of Nova Scotia as

administrative agent, ING as the syndication

agent, and Bank of Montreal as the

DOCUMENTATIONûAGENTû/THERûLENDERSûAREû

Bank of America, Societe Generale, SEB and TD

Lundin also announced it had redeemed

ALLûOFûITSûûSENIORûSECUREDûNOTESûDUEû



Lundin has operations in Chile, the US,

Portugal and Sweden, primarily producing

COPPERûNICKELûANDûZINCû,UNDINûHOLDSûANû

INDIRECTûûEQUITYûSTAKEûINû&REEPORTû#OBALTû

WHICHûINCLUDESûAûCOBALTûRElNERYûINû+OKKOLAû

&INLAND

Jaguar Land Rover revs up

US$1bn loan

„ UK/INDIA Tata Motors unit borrows for capex

JAGUAR LAND ROVER AUTOMOTIVE, a unit of Tata

Motors, has launched a US$1bn financing into

general syndication at four ticket levels with nine

banks at the top.

ANZ, Axis Bank, BNP Paribas, Credit Agricole

CIB, Citigroup, DBS Bank, First Abu Dhabi

Bank, Mizuho Bank and Standard Chartered

are the original mandated lead arrangers and

bookrunners of the new-money deal, which was

pre-funded on October 22.

The amortising loan, which matures on January

31 2025, pays an interest margin of 170bp over

Libor and has an average life of 5.74 years.

Based on an early bird fee of 10bp, lenders

receive top-level all-in pricing of 183.1bp and

the MLAB title for commitments of US$75m

and above via a participation fee of 65bp, an

all-in of 180.5bp and the MLA title for tickets of

US$50m–$74m via a fee of 50bp, or an all-in of

178.7bp and the lead arranger title for US$25m–

$49m via a fee of 40bp. Arrangers get an all-in of

176.1bp for US$15m–$24m via a fee of 25bp.

The deadline for early bird commitments

is November 23, while the actual deadline is

December 7.

Jaguar Land Rover Holdings and Jaguar Land

Rover are the guarantors of the facility, which

will be used for capital expenditure and general

corporate purposes.

JLR last closed a £640m loan in January

with 20 lenders joining in syndication. That loan

comprises a £415m dual-tranche Facility A and a

£225m Facility B.

Facility A is split into two amortising portions

• one maturing in July 2020 and the other in July

2023. Facility B has a bullet repayment due in
      July 2022. Lenders were offered top-level all-in
      pricing of 132bp based on a blended margin of
      120.4bp and a blended remaining average life of
      4.3 years.
      JLR, the holding company of the Jaguar
      Land Rover business, is rated Ba2/BB (Moody’s/
      S&P).
      JLR is a direct, wholly owned subsidiary
      of TML Holdings, which itself is wholly
      owned by Tata Motors. Tata Sons, together
      with its subsidiaries, held 37.27% of
      the voting rights in Tata Motors as of
      September 30.
      Chien Mi Wong