IFR Magazine - October 27, 2018

LEVERAGED LOANS

ARMONEA EYES €250m REFI

Belgian nursing homes operator ARMONEA is
SEEKINGûAûõMûLOANûTOûRElNANCEûDEBTûANDû
PARTLYûPAYBACKûSHAREHOLDERûLOANS
4HEûSEVEN
YEARûTERMûLOANû"ûCOVENANT
LITEû
facility is guided at 400bp over Euribor with
AûûmOORûANDûAûû/)$
The loan includes 101 soft call protection
FORûSIXûMONTHS
JP Morgan ISûLEAD
LEFTûANDûSOLEûPHYSICALû
BOOKRUNNERûBNP Paribas and ING are
BOOKRUNNERSû,UCIDûISûAGENTûONûTHEûDEAL
Armonea was established following the
merger in 2008 of care home operators
2ESTELûANDû6ANûDENû"RANDEû"ELGIUM
BASEDû
INVESTMENTûlRMû6ERLINVESTûBACKEDû2ESTELûINû
2003 and continues to own a majority stake
INû!RMONEA
The company operates 125 sites across
Belgium, Spain and Germany and generates
MOREûTHANûõMûINûTURNOVER

VFS GLOBAL SHOPS ADD-ON

Passport services company VFS GLOBAL has
LAUNCHEDûAûõMûADD
ONûTERMûLOANûTOû
RElNANCEûITSûSECOND
LIENûFACILITY
4HEûADD
ONûISûPRICEDûINûLINEûWITHûTHEû
company’s euro TLB, at 325bp over Euribor
WITHûAûûmOORûANDûHASûAûMATURITYûOFû
4HEûLOANûISûGUIDEDûATû
PARûANDûHASûAû
CONSENTûFEEûOFûBP
%XPECTEDûCORPORATEûRATINGûISû""
JP Morgan is sole bookrunner and
ADMINISTRATIONûAGENTûONûTHEûDEAL
4HEû3WISS
HEADQUARTEREDûCOMPANYûAGREEDû
DUAL
CURRENCYûLOANSûLASTûYEARûTOûRElNANCEû
DEBTûANDûFUNDûTHEûACQUISITIONûOFû"URJû!û
53MûSECOND
LIENûFACILITYûPRICEDûATû
BPûOVERû,IBORûWASûPRE
PLACEDûWITHû
0ARTNERSû'ROUP
)Nû*ULYû6&3û'LOBALûPARTIALLYûRElNANCEDûITSû
SECOND
LIENûFACILITYûANDûINCREASEDûITSûEUROû
ANDûSTERLINGûTRANCHESûWITHûADDITIONALûõMû
ANDûaM
6&3û'LOBALûISûAûSUBSIDIARYûOFû3WISS
headquartered Kuoni Group, which was
ACQUIREDûBYûPRIVATEûEQUITYûlRMû%14ûINûû
The company provides visa and passport
services to governments and diplomatic
MISSIONS

OGF WRAPS TLB REPRICING

French funeral company OGF has allocated a
õMûTERMûLOANû"ûTHATûREPRICESûITSûEXISTINGû
TLB facility to 325bp over Euribor from
BPûOVER
The latest loan was issued at par and
INCLUDESûAûûmOORûANDûûSOFTûCALLûPROTECTIONû
FORûSIXûMONTHSû)TûWILLûMATUREûINû!PRILû
%XPECTEDûCORPORATEûRATINGûISû""
JP Morgan was the sole bookrunner and
BNP Paribas ISûADMINISTRATIONûAGENT

4HEûPREVIOUSûLOANûAGREEDûINû-ARCHûû

was used to back a dividend recapitalisation

and fund Ontario Teachers’ Pension Plan’s

acquisition of a majority stake in the

COMPANY

4HEû#ANADIANûPENSIONûSCHEMEûHASûAûû

HOLDINGûINû/'&ûANDûPRIVATEûEQUITYûlRMû

0AMPLONAûANDûMANAGEMENTûHOLDûûANDû

ûSTAKESûRESPECTIVELYû0AMPLONAûACQUIREDû

THEûCOMPANYûINû

WATERLOGIC DOUBLES ADD-ON

Drinking water company WATERLOGIC has

DOUBLEDûTHEûSIZEûOFûITSûADD

ONûLOANûTOûõMû

AFTERûSTRONGûINVESTORûDEMANDûFORûTHEûDEAL

4HEûINITIALûAMOUNTûOFûõMûWASûEXPECTEDû

to repay drawings under the company’s

REVOLVINGûCREDITûFACILITYûTHATûlNANCEDû

ACQUISITIONS

The additional amount will be kept on

7ATERLOGICSûBALANCEûSHEETûANDûWILLûFUNDû

FUTUREûACQUISITIONS

The loan was issued at par, tighter than

GUIDANCEûOFûûONûTHEû/)$

4HEûLOANûISûPRICEDûATûBPûOVERû%URIBORû

INûLINEûWITHûTHEûCOMPANYSûEUROûTERMûLOANû"û

!FTERûTHEûADD

ONûTHEûSIZEûOFûTHEûEUROû4,"û

WILLûBEûõM

SMBC WASûSOLEûBOOKRUNNERûONûTHEûDEAL

0RIVATEûEQUITYûlRMû#ASTIKû#APITALû

ACQUIREDû7ATERLOGICûINûû4HEûCOMPANYû

WHICHûWASûESTABLISHEDûINûû)TûDESIGNSû

and manufactures drinking water

dispensers and operates in the US, Australia

ANDû7ESTERNû%UROPE

RUBIX SEEKS €65m ADD-ON

RUBIXûHASûLAUNCHEDûAûõMûADD

ONûLOANûFORû

syndication to repay proceeds drawn from

ITSûREVOLVERûCREDITûFACILITY

2UBIXûISûTHEûNEWûNAMEûOFû)0(

"RAMMERû

4HEûADD

ONûHASûAûMATURITYûOFû!UGUSTûû

INûLINEûWITHûTHEûCOMPANYSûEXISTINGûõMû

FACILITY

4HEûCOVENANT

LITEûLOANûHASûAûûmOORûANDû

ûSOFTûCALLûPROTECTIONûFORûSIXûMONTHS

Morgan Stanley ISûSOLEûPHYSICALûBOOKRUNNERû

Lloyds is a passive bookrunner and

ADMINISTRATIONûAGENTûONûTHEûDEAL

!ûLENDERûCALLûISûSETûFORû-ONDAY

,ASTûYEARû!DVENT

OWNEDû"RAMMERûACQUIREDû

)0(ûFROMûPRIVATEûEQUITYûlRMû0!)û0ARTNERSû4HEû

DEBTûlNANCINGûINCLUDEDûAûõMûREVOLVINGû

CREDITûFACILITYûAûõMûSECOND

LIENûFACILITYûANDû

aMûOFûPREFERREDûEQUITY

There is a springing maintenance

COVENANTûONûTHEû2#&ûWHENûMOREûTHANûûISû

DRAWN

4HEû,ONDON

HEADQUARTEREDûCOMPANYû

which makes industrial and transmission

products for chemical, pharmaceutical and

ENERGYûINDUSTRIESûGENERATEDûõBNûINû

TURNOVERûLASTûYEAR

INOVYN TO REPRICE €823m TLB

Chemicals and plastics company INOVYN is

aiming to cut 25bp off the margin of its

õMûTERMûLOANû"ûANDûEXTENDûTHEûMATURITY

The company is looking to reprice the TLB

to 200bp over Euribor, down from 225bp,

and extend the maturity to November 2025

FROMû-AYû

4HEûLOANûISûOFFERINGûAûGUIDEDûmOORûOFû

ûFROMûTHEûEXISTINGûû)TûISûOFFEREDûATû

PAR

#ORPORATEûFAMILYûRATINGûISû"A""

ûWITHûAû

RECOVERYûRATINGûOFû

Bank of America Merrill Lynch and JP Morgan

AREûGLOBALûCOORDINATORSûONûTHEûDEALû*0û

-ORGANûISûALSOûADMINISTRATIONûAGENT

Inovyn is wholly owned by chemicals

GROUPû)NEOS

In June the company renegotiated the size

of its receivable securitisation facility to

õMûFROMûõMûANDûEXTENDEDûTHEû

MATURITYûTOû

ASIA-PACIFIC

ADVENT SEEKS FUNDS FOR LBO

0RIVATEûEQUITYûlRMû!DVENTû)NTERNATIONALûISû

SEEKINGûAû53MûlVE

YEARûLOANûTHATûWILLû

fund its leveraged buyout of a premium

maker, distributor and exclusive licensee of

53ûMATTRESSûBRANDû3ERTAûINû#HINA

Cathay United Bank, CTBC Bank and Taipei

Fubon Commercial Bank are the mandated lead

arrangers, bookrunners and underwriters of

the transaction, which offers an interest

MARGINûOFûBPûOVERû,IBOR

Banks joining as MLAs with commitments

of US$35m or more are offered a

participation fee of 105bp, while lead

ARRANGERSûWITHû53MnMûRECEIVEûAû

BPûFEEû4HEûLOANûREPRESENTSûAûLEVERAGEû

MULTIPLEûOFûAROUNDûnûTIMES

AL DREAM 3 (CAYMAN) is the borrower on the

LOAN

In July, Advent entered into a share

PURCHASEûAGREEMENTûTOûACQUIREûAûû

equity interest in “Sky”, which is the

exclusive licensee of mattress brand Serta in

#HINAûFORûAROUNDû53M

The buyout will further expand Advent’s

footprint in the premium mattress market

in China following the acquisition of a peer

INû/CTOBERûû!DVENTûACQUIREDûAûMAJORITYû

interest in King Koil Shanghai Sleep System,

known as King Koil China, a maker and

retailer of premium mattresses and the

exclusive licensee of US mattress brand King

+OIL

Advent already owns the Serta and

Simmons brands in the US via its ownership

OFû!TLANTA

BASEDûMATTRESSûMAKERû3ERTAû

3IMMONSû"EDDING