LOANS ASIA-PACIFIC
No Covid-19 premium on Trafigura’s return
SINGAPORE Borrower paying transitory interest margin and fee premiums instead
Commodities trader TRAFIGURA GROUP is and C, respectively, via a 27.5bp and 70bp fee, of 115bp over CNH Hibor or a fixed rate of 3.50%
paying transitory premiums instead of Covid- while arrangers with US$10m–$49m receive via a 25bp fee.
19 premiums on the pricing for its latest all-ins of 85bp and 131.7bp via fees of 25bp and
US$1.75bn-equivalent multi-tranche borrowing 65bp for those tranches, respectively. Last October, Trafigura increased its
for its Asian business, unlike the previous two multi-tranche SLL for its Asian business to
loans for the borrower from 2020 and 2021. In addition to the margin and participation US$2.4bn-equivalent.
fee, an exceptional transitory margin premium –
The borrowing comprises a 365-day US dollar similar to the earlier so-called Covid-19 premium The borrowing comprised a US$700m 365-
revolving credit facility (Facility A), a one-year – of 10bp will be added to the US dollar facilities day US dollar revolver (tranche A), a one-year
renminbi-denominated term loan (Facility B) and will apply until the maturity of each facility. Rmb5.7bn (US$890m) term loan (tranche B)
and a three-year US dollar term loan (Facility C). and a US$810.5m three-year US dollar term
A transitory fee premium of 5bp and 30bp flat loan (tranche C). All the tranches carry two 365-
DBS Bank, Standard Chartered and SMBC are for Facilities A and C, respectively will be paid to day extension options.
the mandated lead arrangers and bookrunners all lenders in the dollar facilities regardless of
of the US dollar tranches, while Agricultural their commitment levels. The SLL was launched at a US$1.5bn-equivalent
Bank of China, Bank of Communications, China size, offering identical Covid-19 premiums to the
Construction Bank and the Export-Import Bank of Tranche B, which comprises a floating interest margin and fees as on its 2020 Asian borrowing,
China are the MLABs of the renminbi piece. rate tranche B1 and a fixed interest rate tranche but at a slightly tighter overall pricing.
B2, will be selectively syndicated to financial
DBS and StanChart are the active institutions. Tranche B1 pays a margin of 90bp In March this year, Trafigura obtained a
bookrunners on the US dollar facilities for over CNH Hibor, while B2 offers a fixed rate of US$2.3bn-equivalent multi-currency nine-
Singapore-based Trafigura. 3.25%. month revolver after attracting 12 lenders in
general syndication.
Facilities A and C pay interest margins of MLAs taking US$100m-equivalent or above
60bp and 110bp over SOFR. receive top-level all-ins of 120bp over CNH Hibor Mizuho Bank, Societe Generale, SMBC
or a fixed rate of 3.55% for tranches B1 and B2, and UniCredit Bank were the MLABs and
MLAs committing US$100m and above in the respectively, via a participation fee of 30bp. underwriters of that borrowing, which comprises
US dollar facilities, or US$50m in only Facility US dollar and euro tranches.
C, earn top-level all-in pricing of 90bp and Lead arrangers coming in for tickets of
135bp for Facility A and C, respectively, via a US$50m–$99m-equivalent earn an all-in of The same month the group also raised a
participation fee of 30bp and 75bp. 117bp over CNH Hibor or a fixed rate of 3.52% ¥93.75bn (US$790m) financing, which included
through a 27bp fee. Arrangers joining with a debut ¥84.75bn three-year sustainability-
Lead arrangers with US$50m–$99m earn all- US$10m–$49m-equivalent are offered an all-in linked Samurai loan.
ins of 87.5bp and 133.3bp for Facility A Chien Mi Wong
The borrowing is split equally into the Bank of America, Bank of China, China Citic õ Mnõ MûRECEIVEûANûALL
INûOFû BPûVIAû
THREEûANDûlVE
YEARûTRANCHES Bank International, China Citic Bank, Citi, Morgan a 78bp fee. Arrangers coming in for
Stanley, MUFG, Regions Bank and Truist Bank õ Mnõ MûAREûOFFEREDûANûALL
INûOFû BPû
Mandated lead arrangers and were joint lead arrangers and bookrunners. VIAûAû BPûFEE
bookrunners are DBS Bank ûStandard Morgan StanleyûCOORDINATEDûTHEûlNANCING
Chartered ûHSBC ûCTBC Bank ûShanghai ZHONGDING (HONG KONG) ûAûWHOLLYûOWNEDû
Pudong Development Bank and China Citic 3EVERALûMAJORûSUBSIDIARIESûOFû,EXMARKûAREû SUBSIDIARY ûISûTHEûBORROWER ûWHILEû!NHUIû
Bank International. Mandated lead providing guarantees for the loan. Zhongding is the guarantor.
arrangers are Agricultural Bank of China û
China Construction Bank, Intesa Sanpaolo 0ROCEEDSûWILLûBEûUSEDûTOûRElNANCEûAû Proceeds of the loan will be used to
and Hang Seng Bank û,EADûARRANGERSûAREû borrowing that backed the US$4bn RElNANCEûAûõ MûTHREE
YEARûSYNDICATEDû
Bank of China and E Sun Commercial Bank. ACQUISITIONûOFû,EXMARKûBYûAûCONSORTIUMû loan the borrower obtained from 13 banks
Senior managers are ICBC and Tokyo Star COMPRISINGû.INESTAR ûFORMERLYûKNOWNûASû INû*ULYû
Bank. !PEXû4ECHNOLOGY ûANDûPRIVATEûEQUITYûlRMû
0!'û#APITALû0ARTNERSûINû û That deal paid a top-level all-in of
SKY ROYAL TRADINGûISûTHEûBORROWER ûWHILEû 175.14bp based on a margin of 155bp over
'UANGDONGû/PLUSû(OLDINGSûISûPROVIDINGûAû ANHUI ZHONGDING TIGHTENS PRICING %URIBOR
guarantee.
Shenzhen-listed automotive components HONG KONG
Proceeds are for general corporate maker Anhui Zhongding Sealing Parts is in
purposes. THEûMARKETûWITHûAûõ Mû 53 M ûTHREE
YAU TONG BAY BACK ON TABLE
year loan priced tighter than the borrowing
LEXMARK INKS REFI ITûISûRElNANCING A consortium led by Hong Kong developer
HENDERSON LAND DEVELOPMENT has revived talks
,ASERûPRINTERûMAKERûLEXMARK INTERNATIONAL ûAû Standard Chartered is the sole mandated with banks for a jumbo loan of as much as
UNITûOFû#HINA Sû.INESTAR ûHASûSIGNEDûAû lead arranger and bookrunner of the latest (+ BNû 53 BN ûTOûSUPPORTûAûMEGAû
53 BNûlVE
YEARûLOANûWITHûAûDOZENû AMORTISINGûLOAN ûWHICHûOFFERSûANûINTERESTû RESIDENTIALûDEVELOPMENTûINû(ONGû+ONG Sû9AUû
BANKSûFORûRElNANCING MARGINûOFû BPûOVERû%URIBORûANDûHASûANû Tong area.
average life of 2.9 years.
4HEûBORROWINGûCOMPRISESûAû53 BNû 4HEûlNANCINGûHASûBEENûONûTHEûCARDSûFORûAû
TERMûLOANûANDûAû53 MûREVOLVINGûCREDITû -,!SûTAKINGûõ MûORûABOVEûWILLûEARNûTOP
FEWûYEARS ûBUTûDIDûNOTûMATERIALISEûYETûDUEûTOû
FACILITY ûOFFERINGûANûINTERESTûMARGINûOFû BPû LEVELûALL
INûPRICINGûOFû BPûVIAûAû BPûFEE û the involvement of multiple developers in
over adjusted term SOFR. while lead arrangers committing
International Financing Review July 23 2022 49
the consortium and lengthy negotiations Nanyang Commercial Bank is the mandated LOANûFORûRElNANCING ûBARELYûAûCOUPLEûOFû
with the government over the land lead arranger and bookrunner of the latest months after raising a much larger
premium. TRANSACTION ûWHICHûOFFERSûANûINTERESTûMARGINû borrowing for its Japanese subsidiary.
OFû BPûOVERû(IBOR
It is unclear if the land premium has now Mizuho Bank, MUFG and SMBC are the
been settled. The loan has been launched into limited mandated lead arrangers and bookrunners
syndication. OFûTHEûLOAN ûWHICHûHASûTENORSûOFûlVE ûSEVENû
,ASTûYEAR ûBANKSûWEREûASKEDûTOûCOMMITûASû ANDû ûYEARS
underwriters with minimum tickets of 4HEûBORROWER SûPREVIOUSûVISITûTOûTHEû
(+ BN ûBUTûTHEûBORROWINGûDIDûNOTûPROGRESSû MARKETûWASûINû$ECEMBERû ûFORûAû $RAWûDOWNûISûSLATEDûFORûNEXTûMONTH
further. (+ BNûlVE
YEARûCLUBûLOAN )Nû-AY û!mACûRENEWEDûAûc BNûlVE
YEARû
backstop facility for its Japanese subsidiary.
)FûCOMPLETED ûTHEûPROJECTûINû%ASTû+OWLOONû -EANWHILE ûAûUNITûOFû(ONGû+ONG
LISTEDû !mAC SûPREVIOUSû3AMURAIûLOANûWASûINû
WOULDûBEû(ONGû+ONG SûLARGESTûMIXED
USEû PRECISIONûMETALûANDûPLASTICûMOULDûMAKER û%6!û 3EPTEMBERû ûWHENûITûRAISEDûAûc BNû
DEVELOPMENTûINûOVERû ûYEARS ûACCORDINGûTOû 0RECISIONû)NDUSTRIALû(OLDINGS ûHASûOBTAINEDûAû borrowing split into a ¥5bn seven-year
local media reports. HK$1.19bn (US$152m) three-year loan. TRANCHEûANDûAûc BNû
YEARûTRANCHE
!mACûISûRATEDû! !¦ !¦
The consortium comprises other local Hang Seng BankûWASûTHEû-,!"ûANDûAGENT -EANWHILE ûMERCURIA ASIA GROUP HOLDINGS û
DEVELOPERSûINCLUDINGû#ENTRALû$EVELOPMENT û The loan can be increased to up to the Singapore-based subsidiary of global
(ANGû,UNGû0ROPERTIES û.EWû7ORLDû HK$1.5bn. ENERGYûANDûCOMMODITIESûlRMû-ERCURIAû
$EVELOPMENT û3UNû(UNGû+AIû0ROPERTIES ûANDû %6!û0RECISIONû)NDUSTRIALûISûPROVIDINGûAû %NERGYû'ROUP ûHASûLAUNCHEDûAûc BNû
Wheelock Properties. GUARANTEEûFORûTHEûLOAN ûANDûAûWHOLLYûOWNEDû 53 M ûTHREE
YEARû3AMURAIûLOANûTOû
SUBSIDIARYûOFûTHEûCOMPANY ûEVA ûISûTHEû RElNANCEûAûBORROWINGûFROMûTWOûYEARSûAGO
(ENDERSONû,ANDûHASûAû ûSTAKEûINûTHEû borrower. Mizuho Bank ûMUFG and SMBC are the
project. mandated lead arrangers and bookrunners
INDONESIA OFûTHEûLOAN ûWHICHûOFFERSûANûINTERESTûMARGINû
4HEûlRSTûTWOûPHASESûOFûTHEûPROJECTûWILLû OFû BPûOVERû4OKYOû/VERNIGHTû!VERAGEû
PROVIDEûAROUNDû ûHOMESûINû û INDOEXIM SEEKS UP TO US$300m Rate.
residential towers. 0ROCEEDSûWILLûRElNANCEûAûc BNûTHREE
State-owned INDONESIA EXIMBANK is sounding year borrowing completed in September
WHEELOCK TAPS ANOTHER SLL the market for a dual-tranche borrowing of ûTHATûATTRACTEDû ûLENDERSûINûGENERALû
UPûTOû53 M ûRETURNINGûTOûTHEûOFFSHOREû syndication. The three Japanese mega-banks
Property developer Wheelock & Co is loan markets after a two-year absence. WEREûTHEû-,!"S
tapping a HK$2.1bn (US$268m) three-year
SUSTAINABILITY
LINKEDûLOAN ûBARELYûAûCOUPLEûOFû 4HEûPOLICYûBANK SûLATESTûBORROWINGûISû CARRIER GLOBAL MAKES DEBUT
months after completing two similar EXPECTEDûTOûHAVEûAûBASEûSIZEûOFû53 M û
lNANCINGS COMPRISINGûAû53 MûTWO
YEARûTRANCHEû!û New York-listed CARRIER GLOBAL has made an
ANDûAû53 MûTHREE
YEARûTRANCHEû" û)TûALSOû impressive debut in the Samurai loan
Mizuho Bank ûMUFG and SMBC are the carries a greenshoe option of up to MARKET ûATTRACTINGû ûLENDERSûINûGENERALû
mandated lead arrangers and bookrunners of 53 M SYNDICATIONûFORûITSûlVE
YEARûBORROWINGûTHATû
THEûLATESTûTRANSACTION û-5&'ûISûTHEûFACILITYûAGENT has been increased to ¥54bn (US$393m).
Banks are in the process of being
4HEû3,,ûISûEQUALLYûSPLITûINTOûAûBULLETûTERMû mandated. $RAWDOWNûOFûTHEûBORROWING ûWHICHûWASû
LOANûANDûAûREVOLVINGûCREDITûFACILITY ûOFFERINGû LAUNCHEDûATûAûc BNûTARGET ûISûSCHEDULEDûATû
an interest margin of 68bp over Hibor. )NDOEXIM SûLASTûVISITûTOûTHEûLOANûMARKETû the end of this month.
WASûINû-AYû ûFORûAûCOVENANTûWAIVERû
,EADûARRANGERSûTAKINGû(+ MûORûABOVEû relating to its net non-performing loans MUFG and SMBC were the mandated lead
will earn top-level all-in pricing of 88bp via a RATIOûONûAû53 BNûLOANûFROMû ARRANGERSûANDûBOOKRUNNERSûOFûTHEûLOAN û
BPûFEE ûWHILEûARRANGERSûCOMINGûINûFORû which pays an interest margin of 75bp over
(+ Mn MûRECEIVEûANûALL
INûOFû BPû The borrower won majority consent from the Tokyo Term Risk Free Rate.
via a 54bp fee. EXISTINGûLENDERSûFORûTHEûWAIVER ûREPEATINGûANû
EXERCISEûFROMûAûYEARûEARLIER û4HEû.0,ûNETû Participants are Mizuho ûDai-ichi Life
The company will enjoy a reduction in RATIOûSTOODûATû ûATûTHEûENDûOFû û Insurance ûNippon Life Insurance ûNTT TC Leasing û
THEûLOAN SûMARGINûOFûUPûTOû BPûIFûITûACHIEVESû San-in Godo Bank ûShiga Bank ûState Bank of
CERTAINûSUSTAINABILITYûPERFORMANCEûTARGETS û )NDONESIAû%XIMBANKûHASûTOûMAINTAINûITSû India ûNishi-Nippon City Bank ûBank of Yokohama û
including obtaining an AA rating in the NETû.0,ûRATIOûBELOWû ûASûREQUIREDûBYû Chugoku Bank ûIyo Bank ûChiba Bank ûShizuoka
(ANGû3ENGû#ORPORATEû3USTAINABILITYû)NDEXû )NDONESIA Sû&INANCIALû3ERVICESû!UTHORITY û Bank û114 Bank ûAshikaga Bank ûDaido Life
and a reduction in carbon intensity and failing which will lead to a breach of the Insurance ûGunma Bank ûJoyo Bank ûMeiji Yasuda
carbon emissions. COVENANT û!TûTHEûENDûOFû ûTHEû.0,ûNETû Life Insurance ûMusashino Bank and Yamanashi
RATIOûHADûFALLENûTOû ûACCORDINGûTOûTHEû Chuo Bank.
WHEELOCK FINANCEûISûTHEûBORROWER ûWHILEû BANK SûANNUALûREPORT
parent Wheelock & Co is providing a Proceeds are to partially back Carrier
guarantee. )Nû!UGUSTû ûTHEûlNANCIALûINSTITUTIONû 'LOBAL SûPLANNEDûACQUISITIONûOFû4OSHIBAû
RAISEDûAû53 MûDUAL
TRANCHEûlNANCINGû Carrier from conglomerate Toshiba.
Proceeds of the loan will be used for with 16 lenders joining in general
RElNANCINGûANDûGENERALûCORPORATEûPURPOSES syndication. 4HEû53ûHEATING ûVENTILATINGûANDûAIR
conditioning systems maker said in
)Nû-AY û7HEELOCKû&INANCEûRAISEDûAû JAPAN &EBRUARYûITûWOULDûBUYûAû ûSTAKEûINûTHEû
(+ BNûTHREE
YEARû3,,ûWITHû-IZUHO û *APANESEûJOINTûVENTUREûFORûAROUNDûc BNûBYû
/#"#û"ANKûANDû3-"#ûASû-,!"SûANDû AFLAC SEEKS SAMURAI LOAN REFI the end of September. Toshiba and Carrier
sustainability coordinators and a HK$1bn 'LOBALûOWNû ûANDû ûRESPECTIVELYûOFûTHEû
3,,ûFROMû#HINAû#ONSTRUCTIONû"ANK New York-listed life insurance company *6 ûWHICHûWASûESTABLISHEDûINû
AFLACûISûSEEKINGûAûc BNû 53 M û3AMURAIû
BE WATER RETURNS FOR HK$2bn
BEIJING ENTERPRISES WATER GROUP is seeking a
(+ BNû 53 M ûlVE
YEARûLOAN ûRETURNINGû
to the market after a seven-year hiatus.
50 International Financing Review July 23 2022
LOANS EMEA
#ARRIERû'LOBALûLASTûTAPPEDûTHEûSYNDICATEDû EMISSIONS ûITSûRENEWABLEûENERGYûUTILISATIONû The investment-grade credit facility has a
LOANûMARKETûINû&EBRUARYû ûWHENûITûRAISEDû rate and the reduction in the discharge of MARGINûLINKEDûTOûTHEûCOMPANY SûEXTERNALLYû
Aû53 BNûlNANCINGûCOMPRISINGûAû53 BNû water pollutants. VERIlEDû%3'ûRATING
62-month revolving credit facility and a
US$1.75bn three-year term loan. 4HEûLATESTûlNANCINGûFOLLOWEDûTWOûOTHERû 4HEûlNANCINGûWASûARRANGEDûBYûErste as
3,,SûTHEûCOMPANYûRAISEDûLASTû.OVEMBERûnûAû COORDINATOR ûDOCUMENTATION ûFACILITYûANDû
The margins were 125bp and 112.5bp US$2bn two-year facility from Standard SECURITYûAGENT ûALONGûWITHûRaiffeisen Bank
OVERû,IBOR ûRESPECTIVELY û*0û-ORGANûWASûTHEû Chartered and a €1bn (then US$1.14bn) InternationalûASû%3'ûSTRUCTURINGûAGENT ûANDû
LEAD
LEFTûBOOKRUNNER ûWHILEû"ANKûOFû THREE
YEARûlNANCINGûFROMû$"3û"ANK UniCredit and Commerzbank as bookrunning
!MERICA û#ITIGROUPûANDû(3"#ûALSOûJOINEDûASû mandated lead arrangers.
bookrunners. VIETNAM
The company also completed a centralised
#ARRIERû'LOBALûISûRATEDû"AA """û -OODY S VPBANK CLOSES LARGEST LOAN FACTORINGûPROGRAMME ûALSOû%3'
LINKED ûWITHû
S&P). Intermarket Bank.
VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK
NEW ZEALAND The new facility and factoring programme
HASûCLOSEDûITSû53 MûTHREE
YEARûLOANûAFTERû IMPROVEû#OVERIS ûlNANCIALûSTRENGTHûWHILEû
DOZEN JOIN IGNEO LOAN ATTRACTINGû ûLENDERSûINûGENERALûSYNDICATION û PROVIDINGûFUNDSûFORûTHEûCOMPANY SûFUTUREû
in what is its largest offshore borrowing to- growth.
Igneo Infrastructure Partners has closed a date.
.: BNû 53 M ûlVE
YEARûLOANûFORûITSû #OVERISûWASûFORMEDûINû ûTHROUGHûTHEû
proposed acquisition of WASTE MANAGEMENT Maybank and SMBC were the mandated COMBINATIONûOFû3UNû#APITALû0ARTNERS û
NEW ZEALAND after a dozen lenders joined in LEADûARRANGERS ûBOOKRUNNERSûANDû PACKAGINGûCOMPANIES û"RITTONû'ROUP û
general syndication. UNDERWRITERSûOFûTHEûBULLETûBORROWING ûWHILEû %XOPACK û+OBUSCH û0ARAGONû0RINTû û
Cathay United Bank ûCTBC Bank and State Bank 0ACKAGING ûANDû0ACCOR û4HEûCOMPANYû
Bank of China ûChina Construction Bank û of IndiaûCAMEûINûASû-,!"SûPRIORûTOûTHEûLAUNCHû FOCUSEDûONûTHEû%-%!ûREGIONûAFTERûTHEûSALEûOFû
Commonwealth Bank of Australia ûICBC ûKorea in April. SMBC was also the sole coordinator. ITSû!MERICASûANDûRIGIDûDIVISIONSûINû
Development Bank ûMetrics Credit Partners û
Siemens ûShinhan Bank ûSociete Generale ûUnited Mandated lead arranger is Mega BAHRAIN
Overseas Bank ûWestpac and Woori Bank were International Commercial Bank û,EADûARRANGERSû
the participants. are Bank of Baroda, Bank of Taiwan and UCO AHLI UNITED SIGNS LANDMARK SLL
Bank. Arrangers are BDO Unibank ûE.Sun
ANZ ûMUFG ûNatixis and RBC were the Commercial Bank ûTaiwan Cooperative Bank and AHLI UNITED BANK has completed a US$1.1bn
MANDATEDûLEADûARRANGERS ûBOOKRUNNERSûANDû Union Bank of Taiwan û,EADûMANAGERSûAREû dual-tranche sustainability-linked murabaha
UNDERWRITERSûOFûTHEûBORROWING ûWHICHûISû Banque Internationale de Commerce – BRED ûAl FACILITY ûTHEûlRSTûEVERûOFûITSûTYPEûRAISEDûBYûAû
SPLITûINTOûAû.: MûTERMûLOAN ûAû Ahli Bank of Kuwait ûBank of Panhsin ûChang Hwa lNANCIALûINSTITUTION
.: MûREVOLVINGûCREDITûFACILITYûFORûCAPITALû Commercial Bank ûFirst Commercial Bank and
EXPENDITUREûANDûAû.: MûREVOLVERûFORû Taichung Commercial Bank. 4HEûTHREE
YEARûlNANCINGûCOMPRISESûAû
working capital. tranche complying with the sharia
Banks were offered a top-level all-in principles set out by the Accounting and
4HEûOPENINGûINTERESTûMARGINSûAREû BPû PRICINGûOFû BPûVIAûANûINTERESTûMARGINûOFû Auditing Organization for Islamic Financial
and 375bp over BKBM for the term loan and 155bp over SOFR. )NSTITUTIONS ûANDûANOTHERûTRANCHEûSTRUCTUREDû
REVOLVERS ûRESPECTIVELY as a traditional murabaha commodity
Funds are for general corporate purposes. facility.
4HEûLOANûOFFERSûAûCOMMITMENTûFEEûOFû û The latest borrowing follows a US$225m
of applicable margins. lVE
YEARûSENIORûLOANû60û"ANKûSIGNEDûWITHû Pricing is linked to three key performance
International Finance Corp and other INDICATORSûCOVERINGûGREENûlNANCING ûSOCIALû
,ENDERSûWEREûINVITEDûATûTWOûTICKETûLEVELSû lenders at the end of June. That loan HOUSINGûlNANCINGûANDû%3'ûGOVERNANCEû
FORûUPFRONTûFEESûOFû BPûANDû BP COMPRISESû53 MûFROMû)&# SûOWNûACCOUNTû integration.
and another US$75m from other lenders via
)GNEO ûWHICHûISû&IRSTû3ENTIERû)NVESTORSû Aû" ûLOAN ûACCORDINGûTOûANû)&#ûDISCLOSURE 4HEûlNANCINGûWASûLAUNCHEDûWITHûANû
'ROUP SûDIRECTûINFRASTRUCTUREûINVESTMENTû The borrower earlier intended to raise ORIGINALûTARGETûOFû53 M ûLATERûUPSIZEDûTOû
BUSINESS ûEMERGEDûASûTHEûWINNERûTOûBUYû 53 MûFROMûTHEû)&#ûANDûAûLARGERû
Waste Management New Zealand from 53 MûFROMûOTHERûLENDERSûVIAûAû"ûORû EMEA LOANS BOOKRUNNERS – FULLY
"EIJINGû#APITALû'ROUPûFORû.: BN û parallel loan.
SYNDICATED VOLUME
The sale is subject to approval from New EUROPE/MIDDLE BOOKRUNNERS: 1/1/2022 TO DATE
:EALAND Sû/VERSEASû)NVESTMENTû/FlCEûANDûISû EAST/AFRICA
EXPECTEDûTOûBEûlNALISEDûINûLATEû Managing No of Total Share
AUSTRIA bank or group issues US$(m) (%)
Beijing Capital purchased the business
FROMû4RANSPACIlCû)NDUSTRIESû!USTRALIAûINû COVERIS WRAPS ESG LOAN 1 BNP Paribas 89 28,708.94 9.8
ûFORû.: M û 2 Credit Agricole 105 25,422.32 8.7
Packaging company COVERIS has completed a 3 Societe Generale 64 18,973.24 6.5
TAIWAN õ MûCREDITûFACILITYûTIEDûTOûTHEûCOMPANY Sû 4 UniCredit 69 17,174.15 5.9
PERFORMANCEûONû%3'ûFACTORS 5 Deutsche Bank 46 10,593.59 3.6
TSMC RAISES US$1bn SLL 6 Commerzbank 48 10,444.40 3.6
7 Natixis 46 9,953.75 3.4
TAIWAN SEMICONDUCTOR MANUFACTURING CO has 8 ING 42 9,798.37 3.3
raised US$1bn from a sustainability-linked 9 Santander 47 9,447.57 3.2
loan from Mizuho Bank. 10 Sumitomo Mitsui 30 8,260.90 2.8
348 292,574.33
TSMC will receive interest rate reductions Total
based on its achievements in carbon
Proportional credit SDC code: R17
Source: Refinitiv
International Financing Review July 23 2022 51
US$1.1bn to satisfy high demand and REPAYMENTûOFûAûõ MûBONDûDUEûINû TWOûYEARS ûCANûBEûUSEDûFORûGENERALûCORPORATEû
INTERESTûSHOWNûBYû!5" SûREGIONALûANDû 3EPTEMBERû PURPOSES ûINCLUDINGûACQUISITIONS
international banking partners.
The loan includes two sustainability The RCF also includes an option to
HSBC WASûSOLEûCOORDINATOR ûINVESTMENTû CRITERIAûDESIGNEDûTOûSUPPORTû#ARMILA Sû INCREASEûTHEûFACILITYûUPûTOûõ M
AGENT ûINITIALûMANDATEDûLEADûARRANGER ûANDû strategy to reduce its greenhouse gas
along with First Abu Dhabi Bank ûBOOKRUNNERû EMISSIONSûBYû ûBYû ûANDûTOûACHIEVEû 4HEûlNANCINGûISûBEINGûPROVIDEDûBYûAû
ONûTHEûlNANCING ûAbu Dhabi Islamic Bank ûFirst "2%%!-ûCERTIlCATIONûFORûITSûENTIREûASSETû syndicate of nine banks led by Commerzbank
Abu Dhabi Bank ûGulf International Bank ûKuwait PORTFOLIOûBYû and UniCredit as mandated lead arrangers
Finance House ûKuwait International Bank ûMUFG û and bookrunners. BNP Paribas ûDeutsche Bank
Societe Generale ûSaudi British Bank and Warba )FûTHEûTARGETSûAREûMET û#ARMILAûWILLûBENElTû and HSBC WEREû-,!S ûWHILEûBank of China û
Bank were mandated lead arrangers. from a reduction in the credit spread on the BECM ûBayernLB and LBBW were lead
loan. arrangers.
HSBC and First Abu Dhabi Bank were joint
sustainability coordinators on the #ARMILAûAGREEDûTHEûõ MûTHREE
YEARû2#&û Commerzbank was agent and
transaction. INû/CTOBERû ûALONGûWITHûAûõ MûlVE
documentation agent while UniCredit was
YEARû2#& ûREPLACINGûANûEXISTINGûõ Mû2#&û sustainability coordinator. Clifford Chance
FRANCE MATURINGûINû advised the borrower.
AIRBUS LANDS ESG LOAN Those facilities included two one-year PHARMASGP SIGNS €160m LOAN
EXTENSIONûOPTIONSûANDûFEATUREDûTWOû
%UROPEANûAEROSPACEûCOMPANYûAIRBUS has sustainability targets supporting the Consumer health company PHARMASGP has
AGREEDûANûõ BNû%3'
LINKEDûREVOLVINGûCREDITû COMPANY SûSTRATEGYûTOûHALVEûITSûGREENHOUSEû AGREEDûAûõ MûlVE
YEARûSYNDICATEDûLOANû
facility. GASûEMISSIONSûBYû ûANDû"2%%!-û from a group of four relationship banks.
CERTIlCATIONûFORûITSûENTIREûASSETûPORTFOLIOûBYû
4HEûlNANCING ûWHICHûHASûAûlVE
YEARû 0ROCEEDSûWILLûBEûUSEDûTOûRElNANCEûõ Mû
MATURITYûWITHûTWOûONE
YEARûEXTENSIONû OFûEXISTINGûDEBTûTHATûWASûUSEDûTOûACQUIREû
OPTIONS ûFEATURESûAûMARGINûADJUSTMENTû GERMANY four over-the-counter brands from
MECHANISMûBASEDûONû%3'ûCRITERIA 'LAXO3MITH+LINE ûWHILEûPROVIDINGûTHEû
CHG-MERIDIAN GOES DIGITAL COMPANYûWITHûUPûTOûõ MûOFûlNANCINGûFORû
Banco Santander ûBNP Paribas ûCredit Agricole FURTHERûACQUISITIONS û0HARMA3'0ûACQUIREDû
CIB ûDeutsche Bank and UniCredit coordinated 4ECHNOLOGYûMANAGEMENTûlRMûCHG-MERIDIAN "ALDRIPARAN û&ORMIGRAN û3PALTûANDû+AMOLû
THEûlNANCING ûALONGûWITHûBBVA ûBank of HASûAGREEDûAûõ Mû%3'
LINKEDûSYNDICATEDû FROMû'3+ûINûTHEûSECONDûHALFûOFû
America ûBank of China ûBarclays ûCiti ûHSBC û loan that was processed through digital
ICBC ûJP Morgan ûLloyds Bank ûMizuho ûNatixis û CORPORATEûlNANCEûPLATFORMû6#û4RADE The acquisition was initially funded
RBC ûSociete Generale and SMBC as through an €85m unsecured loan from
bookrunners and mandated lead arrangers. Helaba ARRANGEDûTHEûlNANCINGûASû MAJORITYûSHAREHOLDERû&5425%ûINû!UGUSTû
BOOKRUNNERûANDû%3'ûCOORDINATOR ûBECOMINGû û4HEûLOANûWASûONLYûDRAWNûFORûAûFEWû
ANZ ûBayernLB ûCommerzbank ûCIC ûDBS THEûlRSTû,ANDESBANKûTOûPLACEûAûSYNDICATEDû days before being replaced by an €85m
Bank ûDZ Bank ûGoldman Sachs ûING ûMUFG û loan via the platform. unsecured bank loan.
Morgan Stanley ûNatWest and Wells Fargo were
-,!S 4HEûlNANCINGûWASûSUCCESSFULLYûSYNDICATEDû The bank loan was set to mature in
to 27 savings banks. 3EPTEMBERû ûANDûPAIDûAûMARGINûOFû BPû
Credit Suisse ûLa Banque Postale ûSEB û OVERûONE
MONTHû%URIBOR
Standard Chartered ûState Street Bank ûToronto- )Nû.OVEMBERû ûTHEûCOMPANYûCLOSEDû
Dominion and Westpac were lead arrangers. ITSûlRSTû%3'
LINKEDûSYNDICATEDûLOAN ûAûõ Mû NETHERLANDS
lNANCINGûFROMûAûGROUPûOFûSAVINGSûBANKS û
"ANCOû3ANTANDER û".0û0ARIBAS ûANDû#REDITû also arranged by Helaba. Pricing on that AMVEST NETS SLL
!GRICOLEû#)"ûWEREû%3'ûCOORDINATORS û LOANûWASûLINKEDûTOûTHEûCOMPANY Sû
Deutsche Bank was facility agent while SUSTAINABILITYûRATINGûFROMû%CO6ADIS Real estate investment manager AMVEST
UniCredit was documentation agent. RESIDENTIAL CORE FUNDûHASûAGREEDûAûõ Mû
&URTHERûLOANûSYNDICATIONSûONûTHEû6#û4RADEû sustainability-linked revolving credit facility
0REVIOUSLY û!IRBUSûHADûAûõ BNû%3'
LINKEDû PLATFORMûAREûINûPROCESS û(ELABAûSAID ûANDûTHEû with a group of four banks.
2#&ûTHATûWASûDUEûTOûMATUREûINû/CTOBERû BANKûEXPECTSûTOûSYNDICATEûFUTUREûREALûESTATEû
ANDûPROJECTûlNANCINGûLOANSûTHROUGHûTHEû 4HEûlNANCINGûGIVESû!2#û&UNDûlNANCIALû
4HATû2#&ûWASû!IRBUS SûlRSTûSUSTAINABILITY
platform. mEXIBILITYûFORûFURTHERûGROWTHûTHROUGHûFUTUREû
LINKEDûCREDITûFACILITY ûFEATURINGûAûMARGINû acquisitions while acting as a prelude to the
ADJUSTMENTûLINKEDûTOû%3'ûRATINGûANDû 6#û4RADEûISûAûMULTI
BANKûMARKETPLACEû DIVERSIlCATIONûOFûTHEûFUND SûlNANCINGûASûPARTû
internal key performance indicators. The with an established focus on the of the roll-out of its Paris Proof Roadmap.
MAINû+0)ûWASû!IRBUS SûPERFORMANCEûASû digitalisation of Schuldschein transactions.
measured by the CDP climate change score. The interest margin is partly linked to the
)Nû-ARCH û(ELABA ûALONGûWITHû"AYERN,"ûANDû ACHIEVEMENTûOFû%3'ûOBJECTIVES
CARMILA SIGNS €550m SLL Raiffeisen Bank International said they had
TAKENûEQUALûSTAKESûINû6#û4RADE ûPROVIDINGûTHEû BNP Paribas and SMBC HAVEûJOINEDûEXISTINGû
Shopping centre owner CARMILA has signed a PLATFORMûWITHûINCREASEDûCAPITALûTOûEXPANDûITSû relationship banks ABN AMRO and ING on the
õ MûSUSTAINABILITY
LINKEDûTERMûLOAN OFFERINGûINTOûFURTHERûPRIVATEûDEBTûPRODUCTS û lNANCING û!".û!-2/ûISûDOCUMENTATIONû
including syndicated loans. AGENTûWHILEû).'ûISûSUSTAINABILITYûCOORDINATORû
0ROCEEDSûWILLûBEûUSEDûTOûRElNANCEûANû and facility agent.
EXISTINGûõ MûTERMûLOANûMATURINGûINû û MTU AERO GETS ESG LOAN
ANDûAûõ MûUNDRAWNûREVOLVINGûCREDITû Allen & Overy was legal adviser to ARC
FACILITYûALSOûMATURINGûINû MTU AERO ENGINESûHASûSIGNEDûAûõ Mû%3'
&UNDûWHILEû+EMPENû û#OûWASûlNANCIALû
linked revolving credit facility. ADVISER û,INKLATERSûADVISEDûTHEûBANKS
Once the funds of the new term loan are
MADEûAVAILABLE û#ARMILA SûCASHûPOSITIONûWILLû 4HEûlNANCING ûWHICHûHASûAûlVE
YEARû The ARC Fund has a size of €4.6bn and a
ALSOûBEûSUFlCIENTûTOûFULLYûCOVERûTHEû MATURITYûWITHûOPTIONSûTOûEXTENDûFORûUPûTOû CONSERVATIVEûlNANCINGûPOLICYûWITHûAû
52 International Financing Review July 23 2022
LOANS EMEA
LEVERAGEûTARGETûOFû û7ITHûTHEûNEWû The company tapped the loan market for UK
lNANCING û!2#û&UND SûAVAILABLEûlNANCINGû Aûõ MûSUSTAINABILITY
LINKEDûREVOLVINGû
will reach a size of €1.1bn. CREDITûFACILITYûINû-AYû û2EDEXISûCLOSEDûAû LXI ADDS CAP TO M&A LOAN
õ MûDEBTûRElNANCINGûINû-AYû û
SOUTH AFRICA COMPRISINGûAûõ MûBONDûANDûAûõ Mû LXI REIT has fully hedged the cost of the
THREE
YEARû%3'
LINKEDûLOAN £385m acquisition loan it used to acquire
MOTUS SECURES R6.8bn SLL 3ECUREû)NCOMEû2%)4
UAE
MOTUS has secured R6.8bn (US$399m) of !SûAûRESULTûOFûTHEûINTERESTûRATEûCAP û ûOFû
LOANS ûTHEûlRSTûRAND
BASEDûSUSTAINABILITY
LAMPRELL GETS LIFELINE THEûMERGEDûCOMPANY SûDEBTûISûEITHERûlXEDûORû
LINKEDûlNANCINGûINû3OUTHû!FRICA Sû CAPPEDûATûAûMAXIMUMûALL
INûRATEûOFû ûAûYEAR
automotive sector. The joint bidders on a recommended cash
OFFERûFORû5!%
BASEDûOILûANDûGASûANDû 4HEûa BNûACQUISITION ûWHICHûWASû
4HEûlNANCINGûCOMPRISESûAû2 BNûTERMû renewable engineering company LAMPRELL COMPLETEDûEARLIERûINû*ULY ûWASûBACKEDûWITHû
LOANûANDûANû2 MûWORKINGûCAPITALûFACILITY are providing a US$145m secured bridge the loan arranged by Barclays and HSBC.
loan to the company to prevent it having to
0RICINGûONûTHEûlNANCINGûISûLINKEDûTOû lLEûFORûINSOLVENCYûBYûTHEûENDûOFû*ULY The loan had an initial 12-month maturity
material key performance indicators WITHûTWOûSIX
MONTHûEXTENSIONûOPTIONS
FOCUSEDûONûTHEûCOMPANY SûOWNûROADûFUELû Shareholders Blofeld Investment
CONSUMPTION ûWATERûCONSUMPTION û -ANAGEMENT ûOWNEDûBYû/SAMAû!L3AYED ûANDû 0RICINGûSTARTEDûATû BPûOVERû3ONIAûANDû
ELECTRICITYûEFlCIENCY ûANDûGENDERûEQUALITY !L'IHAZû(OLDINGûAREûMAKINGûTHEIRûOFFERûTHROUGHû WASûEXPECTEDûTOûBEûANûAVERAGEûOFû BPûOVERû
NEWLYûFORMEDû4HUNDERBALLû)NVESTMENTSû,TD THEûUNEXTENDEDûLIFETIMEûOFûTHEûFACILITY û
Standard BankûLEDûTHEûlNANCINGûASû based on a grid.
MANDATEDûLEADûARRANGER ûBOOKRUNNERûANDû The bidders have a current combined
sustainability coordinator. SHAREHOLDINGûOFûAROUNDû ûINû,AMPRELL 4HEREûWASûALSOûAûa MûBACKSTOPûFACILITYû
to be used if change of control waivers were
Motus operates across the automotive 5NDERûTHEûTAKEOVER û,AMPRELLûWOULDûBEû not granted.
value chain through four key business OWNEDûBYû"LOFELDûWITHûAû ûSTAKE ûANDû
SEGMENTS ûIMPORTûANDûDISTRIBUTION ûRETAILû !L'IHAZûWITHûAû ûSTAKE The combined company owns a portfolio
ANDûRENTAL ûMOBILITYûSOLUTIONSûANDû OFû ûPROPERTIES ûVALUEDûATûa BN û,8Iû
aftermarket parts. -AVERICKû)NVESTMENTû(OLDING ûAûCOMPANYû SHAREHOLDERSûHOLDû ûOFûTHEûCOMBINEDû
under the control of a member of the COMPANYûWHILEû3)2ûSHAREHOLDERSûHOLDû
4HEûCOMPANYûEMPLOYSûOVERû ûPEOPLEû !L3AYEDûFAMILY ûANDû!L'IHAZ ûAREûLENDERSû
globally and has a selected international UNDERûTHEûlNANCING ûWHICHûWILLûBEûUSEDûTOû 3I ADDS £400m RCF
PRESENCEûPRIMARILYûINûTHEû5+ûANDû!USTRALIA û repay a US$45m loan from First Abu Dhabi
ASûWELLûASûAûLIMITEDûPRESENCEûINû3OUTHû%ASTû "ANKûANDû%MIRATESû$EVELOPMENTû"ANK ûASû Private equity and infrastructure investor 3I
!SIAûANDû3OUTHERNûANDû%ASTû!FRICA well as to fund near-term operating costs. GROUPûHASûAGREEDûANûADDITIONALûa MûTWO
year revolving credit facility.
SPAIN The loan will terminate on the earlier of
three months after the offer is declared 4HEûlNANCING ûWHICHûISûONûTOPûOFûTHEû
REDEXIS RETURNS FOR SLL UNCONDITIONAL ûORûTHREEûMONTHSûAFTERûTHEû COMPANY SûEXISTINGûa Mû2#&ûMATURINGûINû
offer lapses or is withdrawn. -ARCHû ûPROVIDESû IûWITHûADDITIONALû
%NERGYûINFRASTRUCTUREûCOMPANYûREDEXIS has lNANCIALûmEXIBILITYûATûAûLOWûCOST
SIGNEDûAûõ MûSUSTAINABILITY
LINKEDûTERMû The bridge will be available for drawdown
LOANûTOûBACKûTHEûCOMPANY SûENERGYû INûTRANCHESûPAYINGûINTERESTûOFû 4HEûEXISTINGû2#&ûWASûORIGINALLYûARRANGEDû
transition activities. INû-ARCHû ûFORûa MûVIAûCOORDINATORû
,AMPRELLûSAIDûINû*UNEûTHATûITûHADûMISSEDû "ARCLAYSûALONGûWITHû!".û!-2/ û#HINAû
4HEûlNANCING ûWHICHûHASûAûlVE
YEARû an initial US$26.4m milestone repayment #ONSTRUCTIONû"ANK û#ITIGROUP û2ABOBANK û
MATURITYûWITHûTWOûONE
YEARûEXTENSIONû ONûTHEû53 Mû5!%û%XPORTû#REDITû!GENCY
$EUTSCHEû"ANK û)#"# û).'ûANDû3-"#ûASû
OPTIONS ûWILLûALSOûBEûUSEDûFORûTHEûEARLYû backed revolving trade loan. The repayment bookrunners and mandated lead arrangers.
RElNANCINGûOFûANûEXISTINGûõ MûTERMûLOANû was due on June 27. The company was
THATûWASûDUEûTOûMATUREûINû-AYû working with the lending banks and Blofeld "ANCOûDEû3ABADELL û'OLDMANû3ACHS û2"#û
OVERûANûEXTENSIONûTOûTHEûPAYMENTûDATE ANDû3OCIETEû'ENERALEûWEREûLEADûARRANGERS
Pricing on the loan is linked to the
IMPROVEMENTûOFûTHEûCOMPANY Sû%3'ûSCOREûASû The US$45m loan was arranged in 4HEû
YEARûlNANCINGûWASûINCREASEDû
CERTIlEDûBYû-OODY Sû%3'û3OLUTIONS û /CTOBERû ûTOûASSISTûWITHûTHEûWORKINGû TOûa MûINû ûANDûPAYSû BPûOVERû3ONIA
PREVIOUSLYûCALLEDû6IGEOû%IRIS capital requirements of two IMI newbuild
jackup rigs under construction at the FINSBURY FOOD TAKES £120m RCF
4HEûAGENCYûRECENTLYûUPGRADEDû2EDEXISûTOû GROUP Sû(AMRIYAHûYARDûANDûTOûALLEVIATEû
h!DVANCEDvûFROMûh2OBUSTv ûTHEûMAXIMUMû%3'û immediate liquidity concerns at the Bakery company FINSBURY FOOD GROUP has
RATING ûWITHûAûSCOREûOFû ûPOINTS ûREPRESENTINGûAû company. AGREEDûANûUPûTOûa MûREVOLVINGûCREDITû
ûIMPROVEMENTûINûTHEûLASTûTHREEûYEARSûANDû FACILITYûTOûBACKûTHEûCOMPANY SûGROWTHûPLANSû
PLACINGû2EDEXISûINûTHEûTOPû ûINûITSûSECTOR The loan included a US$45m accordion through targeted acquisitions.
OPTION ûWHICHûWASûEXPECTEDûTOûBEûAVAILABLEû
The loan is being provided by a club FROMûTHEûlRSTûQUARTERûOFû û"UTûLENDERSû 4HEûlNANCING ûWHICHûCOMPRISESûAûa Mû
syndicate of BBVA ûBNP Paribas ûCaixaBank û indicated that they were only prepared to COREûFACILITYûANDûAûa MûACCORDIONûFACILITY û
Intesa Sanpaolo and Banco Sabadell. provide the additional facility after a has a four-year maturity with a one-year
SIGNIlCANTûEQUITYûFUNDRAISING EXTENSIONûOPTION
""6!ûANDû#AIXA"ANKûAREûSUSTAINABILITYû
agents. Allen & Overy was legal adviser. ,AMPRELLûLAUNCHEDûAûBALANCEûSHEETû +0-'ûADVISEDû&&'ûONûTHEûlNANCING
RECAPITALISATIONûPROGRAMMEûINû ûASûITû 0REVIOUSLY ûTHEûCOMPANYûHADûAûa Mû2#&û
The new loan comes after the company faced severe liquidity constraints due to FROMûAûCLUBûOFû(3"# û2ABOBANKûANDû2"3
ARRANGEDûSUSTAINABLEûlNANCINGSûINû ûANDû persistent low energy prices and disruption 4HEûlNANCING ûWHICHûWASûDUEûTOûMATUREû
from the Covid-19 pandemic. INû&EBRUARYû ûINCLUDEDûTHEûOPTIONûTOû
increase the facility by a further £35m and
PAIDûAûMARGINûOFû BPûOVERû,IBOR
International Financing Review July 23 2022 53
-EANWHILE ûRETAILERûFRASERS GROUP has DEBTûRATING û&ORû!A !!ûTHEûTICKINGûFEEûISû BPû JP Morgan is administrative agent for both
INCREASEDûITSûEXISTINGûCOMBINEDûTERMûLOANû ANDûTHEûMARGINûISû BP ûFORû!A !!nûITûISû credit agreements.
ANDûREVOLVINGûCREDITûFACILITYûTOûa MûFROMû BPûANDû BP ûFORû! ! ûITûISû BPûANDû BP û
a M FORû! !ûITûISû BPûANDû BP ûANDûFORûLOWERû ,ENDERSûTOûBOTHû(ESSûANDû(ESSû-IDSTREAMû
THANû! !ûITûISû BPûANDû BP are MUFG ûMizuho ûCiti ûSMBC ûGoldman Sachs û
4HEûlNANCINGûWASûORIGINALLYûARRANGEDûINû Morgan Stanley Senior Funding ûMorgan Stanley
.OVEMBERû ûFORûa M ûREPLACINGûANû #OVENANTSûRESTRICTûTHEûBORROWER Sû Bank ûDNB ûBank of Nova Scotia ûTD Bank ûTruist
EXISTINGûa MûLOANûWHICHûWASûDUEûTOû MAXIMUMûCONSOLIDATEDûNETûDEBTûTOû Bank ûWells Fargo ûBBVA ûBank of America ûUS
MATUREûINû.OVEMBERû CONSOLIDATEDûTOTALûCAPITALûRATIOûTOû ûTIMES Bank ûBank of China and Arvest Bank.
The facility had a three-year maturity Wells Fargo is the administrative agent. Standard Chartered and Northern Trust were
WITHûTWOûONE
YEARûEXTENSIONûOPTIONSûANDû The other lenders are Bank of America ûPNC ALSOûLENDERSûTOû(ESS ûWHILEûCoBank ûBank of
included an accordion option to increase the Bank ûBank of Nova Scotia ûUS Bank ûBank of East Asia and Raymond James Bank were also
lNANCINGûUPûTOûa BN China ûING ûANZ ûMizuho and Northern Trust. lenders to Hess Midstream.
&RASERSûINCREASEDûTHEûlNANCINGûTOûa Mû #UMMINSûISûRATEDû! ûBYû-OODY SûANDû! û (ESSûISûRATEDû"AA ûBYû-OODY SûANDû"""nûBYû
INû!PRILû by S&P. 3 0 û(ESSû-IDSTREAMûISûRATEDû"A "" û
3PORTSû$IRECTûREBRANDEDûASû&RASERSû'ROUPû HESS AND UNIT AGREE LOANS HILLENBRAND TO TAP FOR LINXIS
INû
PETS AT HOME GOES SUSTAINABLE Oil and gas company HESS CORP signed a $IVERSIlEDûMANUFACTURINGûCOMPANYû
53 BNûlVE
YEARûREVOLVINGûCREDITûFACILITY û HILLENBRANDûEXPECTSûTOûUSEûCOMMITTEDûDEBTû
Retailer PETS AT HOMEûAGREEDûAûa Mû WHILEûITSûASSOCIATEDûMIDSTREAMûlRM ûHESS lNANCINGûTOûHELPûFUNDûITSûõ MûACQUISITIONû
sustainability-linked revolving credit MIDSTREAM OPERATIONS ûHASûALSOûAMENDEDûANDû of French food industry automation
FACILITY ûREPLACINGûITSûEXISTINGûa Mû2#& û restated its senior secured US$1.4bn credit COMPANYû,INXIS
WHICHûWASûDUEûTOûMATUREûINû agreement.
Hillebrand will also use cash on hand and
4HEûlVE
YEARûlNANCING ûWHICHûWASûSIGNEDû 4HEû(ESSû2#& ûWHICHûMAYûBEûINCREASEDûBYû CASHûAVAILABLEûUNDERûITSûEXISTINGûREVOLVINGû
TOWARDSûTHEûENDûOFû-ARCH ûHASûANûEXTENSIONû UPûTOû53 BN ûREPLACESûANû2#&ûTHATûWASûLASTû credit facility to fund the acquisition.
OPTIONûTOû3EPTEMBERû û%XISTINGûINTERESTû AMENDEDûINû!PRILû
rate hedges were kept in place on the new ,INXIS ûWHICHûISûBEINGûACQUIREDûFROMû)+û
facility. 4HEûlVE
YEARû(ESSû-IDSTREAMûFACILITYû 0ARTNERSûANDûOTHERûSELLERS ûSPECIALISESûINû
COMPRISESûAû53 BNû2#&ûANDûAû53 Mû INGREDIENTûAUTOMATION ûFOODûPORTIONING û
The RCF pays a margin of 135bp over term loan. Its aggregate size may be KNEADING ûMIXING ûGRANULATING ûDRYINGûANDû
3ONIA ûANûINCREASEûONûTHEû BPûPAIDûONûTHEû INCREASEDûBYûUPûTOû53 M û4HATûDEALû coating technologies used in the food
previous facility. amends and restates a facility from industry.
$ECEMBERû
Pricing is linked to the three pillars of /NûCOMPLETION û,INXISûANDûITSûOVERû û
0ETSûATû(OME Sû"ETTERû7ORLDû0LEDGEûSOCIALû "OTHûAGREEMENTSûFEATUREûAû BPûCREDITû global employees operating in ten
VALUEûSTRATEGY û0LANET û0EOPLEûANDû0ETS û spread adjustment for interest periods of MANUFACTURINGûFACILITIESûWILLûJOINû(ILLENBRAND Sû
4ARGETSûAREûFOCUSEDûONûCARBONûREDUCTION û MOREûTHANûONEûWEEK ûANDû BPûFORûAûONE
#OPERIONûANDû2OTEXûBRANDSûASûPARTûOFûITSû
COMMUNITYûACTION ûANDûSUPPORTINGûPETSûINû week interest period. advanced process solutions segment.
need.
Pricing for the Hess facility is based on its 4HEûACQUISITIONûISûEXPECTEDûTOûCOMPLETEû
HSBC acted as sustainability coordinator DEBTûRATING û&ORû! !n !nûTHEûFACILITYûFEEûISû BEFOREûTHEûENDûOFû
ONûTHEûlNANCING BPûANDûTHEûMARGINûISû BP ûFORû"AA
""" """ ûITûISû BPûANDû BP ûFORû"AA WINNEBAGO SIGNS ABL
NORTH AMERICA """ """ûITûISû BPûANDû BP ûFORû"AA
"""n """nûITûISû BPûANDû BP ûFORû"A "" Motorhome manufacturer WINNEBAGO
UNITED STATES "" ûITûISû BPûANDû BP ûANDûFORûLOWERû INDUSTRIESûHASûAGREEDûANûUPûTOû53 MûlVE
THANû"A "" "" ûITûISû BPûANDû BP year revolving credit facility that amends
CUMMINS INKS DDTL FOR MERITOR and restates a US$192.5m credit agreement
The Hess Midstream credit agreement has FROMû/CTOBERû
%NGINEûMANUFACTURERûCUMMINS has raised an PRICINGûBASEDûONûTHEûBORROWER SûLEVERAGEû
unsecured US$2bn three-year delayed draw rating. The RCF margin ranges from AMERICAS LOANS BOOKRUNNERS – FULLY
term loan that is to be used to partially fund BPn BPûWITHûAû BP
BPûFACILITYû
THEûCOMPANY SûAPPROXIMATELYû53 BNû FEE ûWHILEûTHEûTERMûLOANûMARGINûRANGESûFROMû SYNDICATED VOLUME
acquisition of auto parts maker Meritor. BPn BP BOOKRUNNERS: 1/1/2022 TO DATE
Funds are available to be drawn on one If Hess Midstream obtains an investment- Managing No of Total Share
OCCASIONûBEFOREû/CTOBERû ûANDûMATURITYûOFû GRADEûRATING ûTHEûCOMPANYûMAYûSWITCHûTOûAû bank or group issues US$(m) (%)
the loan is calculated from the drawdown ratings-based pricing grid. The RCF margin
date. RANGESûFROMû BPn BPûWITHûAû BPn BPû 1 Bank of America 749 231,846.88 13.8
FACILITYûFEE ûWHILEûTHEûTERMûLOANûMARGINû 2 JP Morgan 621 174,159.78 10.4
)Nû&EBRUARY û#UMMINSûSAIDûITûWOULDûBUYû RANGESûFROMû BPn BP 3 Wells Fargo 590 157,252.44 9.4
Meritor to enhance its range of powertrain 4 Citigroup 317 115,625.70 6.9
components and accelerate its development Covenants of the Hess facility restrict that 5 RBC 258 52,335.43 3.1
of electric powertrains. COMPANY SûRATIOûOFûCONSOLIDATEDûDEBTûTOû 6 Barclays 206 50,020.13 3.0
CAPITALISATIONûTOûAûMAXIMUMûOFû ûTIMES û 7 Goldman Sachs 183 49,365.21 2.9
4HEû$$4, SûCREDITûSPREADûADJUSTMENTûISû &ORûTHEû(ESSû-IDSTREAMûDEAL ûTHATû 8 PNC Finl Services 244 48,446.92 2.9
BP ûANDûPRICINGûISûBASEDûONû#UMMINS û COMPANY SûRATIOûOFûTOTALûDEBTûTOû%BITDAûMUSTû 9 MUFG 220 47,590.49 2.8
NOTûEXCEEDûlVEûTIMES ûANDûITSûRATIOûOFû 10 TD Securities 190 47,211.06 2.8
SECUREDûDEBTûTOû%BITDAûMUSTûNOTûBEûGREATERû 2,434 1,677,393.70
than four times before the company Total
achieves an investment-grade rating.
Proportional credit SDC code: R7
Source: Refinitiv
54 International Financing Review July 23 2022
LOANS NORTH AMERICA
Security is provided by liens on BUNGE GETS US$1.1bn RCF EDWARDS RAISES RCF
substantially all of the assets of the
borrowers and some of their subsidiaries. Agribusiness company BUNGE has signed Healthcare company EDWARDS LIFESCIENCES has
a US$1.1bn 364-day revolving credit SIGNEDûANûUNSECUREDû53 M
EQUIVALENTû
Additional borrowing entities are facility. lVE
YEARûMULTICURRENCYûREVOLVINGûCREDITû
7INNEBAGOûOFû)NDIANA û'RANDû$ESIGNû26 û facility.
Newmar Corp and Octavius Corp. 3UBSIDIARYû"UNGEû,IMITEDû&INANCEû#ORPû
ISûTHEûBORROWER ûGUARANTEEDûBYû"UNGE 4HEûDEAL ûWHICHûMAYûBEûINCREASEDûBYûUPûTOû
The borrowing base is calculated using 53 M ûREPLACESûAû53 Mû2#&ûTHATûWASû
accounts receivables and eligible 4HEûFACILITYûREPLACESû",&# Sû53 BNû AGREEDûINû!PRILû û&UNDSûAREûFORûGENERALû
inventories.
DAYû2#&ûFROMû*ULYû û.OûPRINCIPALû corporate purposes.
amounts were outstanding at the date of
4HEûCREDITûSPREADûADJUSTMENTûISû BPû THATûAGREEMENT SûTERMINATION The facility features sublimits of
and the commitment fee is 25bp. 53 M
EQUIVALENTûFORû*APANESEûYEN ûANDû
4HEûCREDITûSPREADûADJUSTMENTûISû BPû 53 M
EQUIVALENTûFORû3INGAPOREûDOLLARS
The margin is based on average ANDûTHEûMARGINûISûBASEDûONû"UNGE SûDEBTû
quarterly availability and ranges from RATING û&ORû! !nûTHEûMARGINûISû BP ûFORû The credit spread adjustment for US
BPn BP "AA """ ûITûISû BP ûFORû"AA """ûITûISû DOLLARûBORROWINGSûISû BP ûANDûPRICINGûISû
BP ûFORû"AA """nûITûISû BPûANDûFORû"A BASEDûONûTHEûBORROWER SûDEBTûRATINGûORûITSû
JP Morgan is the administrative agent. "" ûITûISû BP LEVERAGEûRATIO û)TûRANGESûFROMû BPn BPû
Additional lenders are BMO Harris Bank û WITHûAû BPn BPûFACILITYûFEE
Goldman Sachs ûWells Fargo and US Bank. 2ATINGSûFORû"UNGEû-ASTERû4RUSTûORû",&#û
may be used to determine pricing levels if &ORûBORROWINGSûINû3INGAPOREûDOLLARS ûTHEû
7INNEBAGOûISûRATEDû"A ûBYû-OODY SûANDû Bunge is unrated. CSA is 8bp. Funds may also be drawn in
""nûBYû3 0 other currencies.
4HEûTERMSûOFû"UNGE SûGUARANTEEû
LIFE STORAGE NETS RCF require its ratio of total consolidated #OVENANTSûLIMITûTHEûCOMPANY SûLEVERAGEû
current assets to adjusted total RATIOûISûTOûAûMAXIMUMûOFû ûTIMES
3ELF
STORAGE
FOCUSEDû2%)4ûLIFE STORAGE has consolidated current liabilities to be at
signed an unsecured US$1.25bn revolving LEASTû ûTIMES ûITSûRATIOûOFûADJUSTEDûNETû Bank of America is the administrative agent.
credit facility. debt to adjusted capitalisation to be a The other lenders are JP Morgan ûDeutsche
MAXIMUMûOFû ûTIME ûANDûITSû Bank ûHSBC ûMorgan Stanley ûMUFG ûUS Bank û
4HEûFACILITY ûWHICHûWILLûMATUREûONû MAXIMUMûSECUREDûDEBTûTOûBEûEQUALûTOû Citi and PNC Bank.
*ANUARYû û ûAMENDSûANDûRESTATESûANû ûOFûTOTALûTANGIBLEûASSETS
2#&ûPLACEDûINû/CTOBERû û)TSûMAYûBEû %DWARDSûISûRATEDû"AA ûBYû-OODY SûANDû"""û
increased to up to US$2bn and its Rabobank is the administrative agent. by S&P.
MATURITYûDATEûEXTENDEDûBYûUPûTOûTWOûSIX
The other lenders are SMBC ûCitigroup ûBNP
month periods. Paribas ûNatixis ûUS Bank ûChina Construction CANADA
Bank ûBBVA ûDZ Bank ûCredit Agricole û
&UNDSûHAVEûBEENûDRAWNûTOûRElNANCEû Standard Bank ûSumitomo Mitsui Trust Bank û WHEATON ADDS SUSTAINABILITY
OUTSTANDINGûAMOUNTSûOFûTHEû ûCREDITû Santander ûBMO Harris Bank ûING ûTD Bank û
agreement. Deutsche Bank and Bankinter. WHEATON PRECIOUS METALS has amended and
EXTENDEDûITSûEXISTINGû53 BNûREVOLVINGû
The revolver contains provisions for the "UNGEûISûRATEDû"AA ûBYû-OODY SûANDû"""û CREDITûFACILITY ûADDINGûAûSUSTAINABILITY
addition of sustainability-linked pricing by S&P. LINKEDûELEMENTûTOûTHEûlNANCING
adjustments at a later date.
ROPER SIGNS US$3.5bn RCF 4HEû2#&ûHASûBEENûEXTENDEDûBYûONEûYEARû
,IFEû3TORAGEû)NCûANDû,IFEû3TORAGEû,0ûAREû TOû*ULYû û û4HEû2#&ûISûCURRENTLYû
borrowing entities. Software and technology company ROPER undrawn.
TECHNOLOGIES has obtained an unsecured
The credit spread adjustment is 53 BNûlVE
YEARûREVOLVINGûCREDITûFACILITYûTHATû The renewed facility is aligned to
BPûANDûPRICINGûISûBASEDûONû,IFEû REPLACESûAû53 BNûDEALûFROMû3EPTEMBERû 7HEATON SûSUSTAINABILITYûSTRATEGY ûWHICHû
3TORAGEû,0 SûDEBTûRATING û&ORû! !ûTHEû includes a commitment to net zero
FACILITYûFEEûISû BPûANDûTHEûMARGINûISû 4HEûNEWûFACILITY SûSIZEûMAYûBEûINCREASEDûBYû CARBONûEMISSIONSûBYû
BP ûFORû! !nûITûISû BPûANDû BP û UPûTOû53 M
FORû"AA """ ûITûISû BPûANDû BP ûFORû )NTERESTûONûTHEûFACILITY ûONûBOTHûDRAWNû
"AA """ûITûISû BPûANDû BP ûFORû"AA 4HEûCREDITûSPREADûADJUSTMENTûISû BP ûANDû AMOUNTSûANDûSTANDBYûFEES ûWILLûBEû
"""nûITûISû BPûANDû BP ûANDûFORû PRICINGûISûBASEDûONûTHEûBORROWER SûDEBTûRATING û ADJUSTEDûBASEDûONû7HEATON Sû
LOWERûTHANû"AA """nûITûISû BPûANDû &ORû! !n !nûTHEûFACILITYûFEEûISû BPûANDûTHEû performance in three sustainability-
BP MARGINûISû BP ûFORû"AA """ """ ûITûISû BPû RELATEDûAREASûCOMPRISINGûTHEûCOMPANY Sû
ANDû BP ûFORû"AA """ """ûITûISû BPûANDû attributable emissions from third-party
#OVENANTSûREQUIREûTHEûBORROWER Sû BP ûFORû"AA """n """nûITûISû BPûANDû mining partners operations covered by
LEVERAGEûRATIOûTOûNOTûEXCEEDû ûITSû BP ûANDûFORûLOWERûTHANû"AA """n """nûITûISû science-based emissions targets; diversity
MAXIMUMûCONSOLIDATEDûSECUREDûDEBTûDOESû BPûANDû BP ATûTHEûCOMPANY SûBOARDûANDûMANAGEMENTû
TOûNOTûEXCEEDû ûOFûGROSSûASSETûVALUE ûANDû LEVELS ûANDû7HEATON Sû3 0û%3'ûSCORE
ITSûlXEDûCHARGEûCOVERAGEûRATIOûBEûATûLEASTû 2OPER SûRATIOûOFûDEBTûTOûCAPITALûMAYûNOTû
1.5 times. Its unencumbered leverage EXCEEDû ûTIMESûDURINGûTHEûLIFEûOFûTHEûLOAN Bank of Nova Scotia and Bank of Montreal
RATIOûMUSTûALSOûNOTûEXCEEDû were joint bookrunners and co-lead
JP Morgan is the administrative agent. The arrangers on the RCF. Bank of Montreal
Manufacturers & Traders Trust is the other lenders are Bank of America ûWells Fargo û and RBC acted as co-lead sustainability
administrative agent and Wells Fargo is the Mizuho ûMUFG ûPNC Bank ûTD Bank ûTruist ûUS Bank û STRUCTURINGûAGENTSûANDûCOORDINATORS û
sustainability structuring agent. The other BNP Paribas ûING ûRBC ûBank of Nova Scotia ûBMO while Bank of Nova Scotia and CIBC acted
lenders are Citi ûTruist Bank ûUS Bank ûHSBC û Harris Bank ûCitizens Bank ûComerica Bank and as co-sustainability agents. Bank of America û
PNC Bank ûBank of America ûHuntington Huntington National Bank. Toronto-Dominion and Export Development
National Bank and Associated Bank. Canada were lenders.
2OPERûISûRATEDû"AA ûBYû-OODY SûANDû""" ûBYû
,IFEû3TORAGEû,0ûISûRATEDû"AA ûBYû-OODY Sû S&P.
ANDû"""ûBYû3 0 û,IFEû3TORAGEû)NCûISûALSOû
rated BBB by S&P.
International Financing Review July 23 2022 55
Lead banks sell Norgine financing
to direct lenders
EUROPE The deal was well within flex and the underwriters made full fees
Goldman Sachs, Jefferies and KKR Capital underwriters made full fees, according to two direct lenders. In some cases, direct lenders
Markets have successfully sold a €650m buyout sources. have even started to undercut banks on the
financing for pharmaceutical company NORGINE cost of debt, giving the private credit market an
directly to private credit firms, in a milestone “This was a rare successful underwrite in a unprecedented advantage in the fight for market
deal that could pave the way for similar trades. very tricky market but the flexible set-up and share.
underwrite into the direct lenders was what
The three banks underwrote €650m in senior made it work,” said one of the sources. In addition, private credit firms have been
loans to back the acquisition of a majority stake picking up chunks of around €25bn-equivalent
in Norgine by Goldman Sachs’s private equity The arrangers never contemplated selling in M&A financing that underwriters have found
arm. the deal on a rated basis to CLO managers, said themselves unable to shift as the market
sources. sours. Banks backing CD&R’s buyout of UK
But instead of going to the volatile public supermarket MORRISONS have been privately
syndicated markets, where yields have been seen The pricing on the loan firmed at 625bp over placing pieces of the deal in recent months –
as high as 11%, leads took the decision to sell the Euribor with an OID of 96.5. The financing also often at a loss.
financing direct to private credit firms. included a €65m revolving credit facility.
In the past week, banks backing Belgian
The move is very unusual for the leveraged Direct lenders have been increasingly active gaming company GAMING1‘s acquisition by CVC
buyout market, where banks usually underwrite in helping to finance leveraged buyouts as the started approaching direct lenders to see if they
deals and then distribute the risk to the syndicated market remains frozen thanks to will take the risk after struggling to get a €300m
leveraged finance markets via either loans or investor fears around a potential recession and term loan B across the line in the syndicated
high-yield bonds. spiralling inflation. market.
Eleanor Duncan
The lead banks’ strategy paid off on Sellers have been holding dual-track
Norgine as the deal was well within flex, so the financing processes, meaning they are asking
for financing pitches from both banks and
LEVERAGED LOANS RBC ûTruist and Wells Fargo are also 4HEûSEVEN
YEARûLOANûPAYSû BPûOVERû3/&2 û
bookrunners. CUTûFROMû BP ûWITHûAûCREDITûSPREADûADJUSTMENTû
UNITED STATES OFû BP û)TûCOMESûWITHûAû ûmOORûANDûAû û
#ORPORATEûRATINGSûAREû" " ûlRST
LIENûRATINGSû /)$ ûTIGHTENEDûFROMû ûANDûTHEREûISû ûHARDû
KINDRED AT HOME IN MARKET AREû" "ûANDûSECOND
LIENûRATINGSûAREû#AA CALLûPROTECTIONûFORû ûMONTHS û4HEûlNANCINGûALSOû
### includes a US$75m revolving credit facility.
Home-based healthcare provider KINDRED AT
HOME LAUNCHEDûTHEûlNANCINGûBACKINGû ETC SEEKS DOLLAR LOAN Credit SuisseûWASûLEAD
LEFTûARRANGER ûTOGETHERû
#LAYTONû$UBILIERû û2ICE SûACQUISITIONûOFûAû with arrangers Wells Fargo ûRabobank and Natixis.
ûSTAKEûINûTHEûCOMPANY ETC GROUP has launched a €972.4m-equivalent
US dollar-denominated term loan that will #ORPORATEûANDûFACILITYûRATINGSûAREû" "
4HEûlNANCINGûISûSPLITûBETWEENûAû FUNDûPRIVATEûEQUITYûCOMPANYû#INVEN Sû Apollo acquired Cardenas Markets from KKR.
lVE
AND
A
HALFûYEARû53 BNûlRST
LIENûTERMûLOANû acquisition of a majority stake in the telecom 4HEûPRIVATEûEQUITYûlRMûANNOUNCEDûITSû
"ûANDûAûSIX
YEARû53 MûSECOND
LIENûTERMûLOAN equipment manufacturer. ACQUISITIONûOFû4ONY Sû&RESHû-ARKETûINû!PRIL ûANDû
both companies will continue to operate under
4HEûlRSTûLIENûISûOFFEREDûATû BPûOVERû 4HEûSEVEN
YEARûSENIORûSECUREDûlRST
LIENû their respective brands.
3/&2ûWITHûAû BPûmOOR ûWITHûTHEû/)$ûGUIDEDû TERMûLOANûISûOFFEREDûATû BPn BPûOVERû Cardenas is one of the largest Hispanic
ATû n û)TûCOMESûWITHûSIXûMONTHSûOFû û SOFR with an OID of 92. GROCERYûCHAINSûINûTHEûCOUNTRY ûOPERATINGûACROSSû
SOFTûCALLûPROTECTIONûANDûWILLûAMORTISEûATû û #ALIFORNIA û.EVADAûANDû!RIZONAûWITHû ûSTORES û)Tû
per annum. 4HEûLOANûHASû ûSOFTûCALLûPROTECTIONûFORûSIXû ISûLEDûBYûCHIEFûEXECUTIVEû$OUGû3ANDERS ûWHOûWILLû
MONTHSûANDûAûFEATURESûAû ûmOOR BEû#%/ûOFûTHEûCOMBINEDûCOMPANYûANDûTHEû
The second lien is offered at 825bp over #ARDENASûCHAIN ûWHILEû&RANKû)NGRAFlAûWILLû
3/&2ûWITHûAû BPûmOOR ûWITHûANû/)$ûGUIDEDû !MORTISATIONûISû ûPERûYEARûFORûTHEûlRSTû CONTINUEûASû#%/ûOFûTHEû4ONY SûCHAIN
ATû n û4HEûLOANûWILLûHAVEûHARDûCALLû TWOûYEARS ûANDû ûPERûYEARûTHEREAFTER The combined companies will have about
PROTECTIONûOFû PAR 53 BNûINûREVENUES ûACCORDINGûTOûTHEû!POLLO û
Credit Suisse ûBarclays ûBNP Paribas ûBOI ûCredit 4HEûTRANSACTIONûISûEXPECTEDûTOûCOMPLETEûBYûTHEû
!LONGûWITHûAûlVE
YEARû53 MûTERMûLOANû Agricole ûMizhuo ûMUFG and Standard Chartered third quarter.
! ûPROCEEDSûWILLûlNANCEû#$ 2 Sû ûSTAKEûINû are arrangers. ++2ûACQUIREDû#ARDENASû-ARKETSûINû
the hospice and personal care divisions of
(UMANA Sû+INDREDûATû(OMEûSUBSIDIARY û %XPECTEDûCORPORATEûFAMILYûANDûFACILITYû TEKNI-PLEX COMPLETES ADD-ON
(UMANA ûWHICHûWILLûRETAINûAû ûSTAKE ûWILLû RATINGSûAREû" "
receive proceeds of about US$2.8bn. Healthcare and consumer packaging company
CARDENAS WRAPS FIRST-LIEN TERM LOAN TEKNI-PLEXûHASûlNALISEDûTERMSûFORûAû53 MûLOANû
Goldman SachsûISûLEAD
LEFTûONûTHEûlRSTûLIEN û to fund a tuck-in acquisition.
while Barclays is lead-left on the second lien. 'ROCERYûCHAINûCARDENAS MARKETS has wrapped
Deutsche Bank ûUBS ûBNP Paribas ûCitizens ûMizuho, Aû53 MûlRST
LIENûTERMûLOANûTOûBACKûITSû The OID for the non-fungible incremental
BUYOUTûBYû!POLLOû'LOBALû-ANAGEMENT û lRST
LIENûTERMûLOANûHASûBEENûTIGHTENEDûTOû û
which will combine the company with its
#HICAGO
BASEDûPORTFOLIOûCOMPANYû4ONY Sû
Fresh Market.
56 International Financing Review July 23 2022
LOANS LEVERAGED LOANS
from 92. The margin remains at 525bp over A number of covenant revisions were were also bookrunners. Deutsche Bank is
3/&2 ûANDûTHEû ûmOORûANDû ûSOFTûCALLû ALSOûMADEûTOûTHEûlNANCING ûINCLUDINGûTHEû administrative agent.
PROTECTIONûFORûSIXûMONTHSûISûUNCHANGED removal of the available amount of the
STARTERû20ûBASKETûnûTHEûGREATERûOFû #ORPORATEûANDûFACILITYûRATINGSûAREû" "
4HEûFACILITYûMATURESûONû3EPTEMBERû û û 53 MûANDû ûOFûFOUR
QUARTERû /Nû*ULYû û-OODY SûDOWNGRADEDûTHEû
the same date as borrowing entity Trident TPI CONSOLIDATEDû%BITDA û!LSOûTHEûRATIOûFORû corporate family rating to B2 from B1 citing an
(OLDINGS ûEXISTINGûLOAN DIVIDENDSûTIGHTENEDûTOûlVEûTIMESûFROMû û INCREASEûINûDEBTûLEVERAGE û0ROûFORMAûTHEûBUYOUT û
times consolidated total leverage. The non- THEûRATINGSûlRMûEXPECTSûTOTALûDEBTûTOû%BITDAûTOû
Credit Suisse led the transaction. redemption period on the HoldCo PIK ENDûTHEûYEARûATû ûTIMES ûINCLUDINGû-OODY Sû
#ORPORATEûFAMILYûRATINGSûAREû" "n ûANDû NOTESûWASûEXTENDEDûTOû ûMONTHSûFROMû û ADJUSTMENTS ûCOMPAREDûWITHû ûTIMESûTOTALûDEBTû
FACILITYûRATINGSûAREû" "n MONTHS û&INALLY ûFORûPARIûSECUREDû TOû%BITDAûATûTHEûENDûOFû
incurrence the secured net leverage ratio CD&R on March 7 announced it would take
CORNERSTONE RINGS THE CHANGES WASûREDUCEDûTOûFOURûTIMES ûEXCEPTûFORû the company private in an all-cash deal with an
ACQUISITIONS ûFROMû ûTIMESûWITHûAûSTEP
UPû enterprise value of US$5.8bn.
Building products manufacturer CORNERSTONE at 24 months to 4.5 times.
BUILDINGBRANDS has decreased the size of a loan to ARES CAPITAL BACKS HANGER BUYOUT
lNANCEûITSûPURCHASEûBYûPRIVATEûEQUITYûSPONSORû 7HILEûTHEûLOANûWASûCUT û#ORNERSTONEû
#LAYTON û$UBILIERû û2ICEûANDûMADEûSEVERALû upsized its high-yield bond offering by Ares Capital has provided an up to US$945m debt
investor-friendly changes. 53 MûTOû53 M û4HEûSIX
YEARûNON
CALLû lNANCINGûTOûBACKûTHEûACQUISITIONûOFûPATIENTûCAREû
two senior secured note printed at a yield of service HANGER by Patient Square Capital.
4HEûSIX
YEARûlRST
LIENûTERMûLOANûWASûCUTûTOû ûWITHûANû ûCOUPONûANDû/)$ûOFû
53 MûFROMû53 MûATûLAUNCH û4HEû ûINûLINEûWITHûPRICEûTALK û 4HEûDEBTûlNANCINGûCOMPRISESûAû53 Mû
LOANûPAYSû BPûOVERû3/&2ûWITHûAû BPû senior secured credit facilities that is made up of
mOOR û!Nû/)$ûWASûWIDENEDûTOû ûFROMû 0ROCEEDSûWILLûFUNDûTHEûPURCHASEûOFû ûOFû Aû53 MûlRST
LIENûTERMûLOANûFACILITY ûAû
initial guidance of 93. shares outstanding that CD&R does not already 53 MûDELAYEDûDRAWûlRST
LIENûTERMûLOANû
own. FACILITYûANDûAû53 MûSENIORûSECUREDûREVOLVINGû
The loan is non-callable until August 1 CREDITûFACILITY ûACCORDINGûTOû53ûREGULATORYûlLINGS
û4HEREAFTER ûCALLûPROTECTIONûISûSETûATû Deutsche Bank and UBS were co-lead-lefts on
ûUNTILû!UGUSTû û ûSTEPPINGûDOWNû the loan. Barclays, BNP Paribas ûRBC ûSociete )TûALSOûCOMESûWITHûAû53 MûSENIORûSECUREDû
TOû ûUNTILû!UGUSTû û ûWHENûITûWILLû Generale ûGoldman Sachs ûNatixis and Jefferies SECOND
LIENûTERMûLOANûFACILITY ûMADEûUPûOFûAû
then be at par.
Ares Management Euromoney buyout
EUROPE Buyers turn to private debt market – again
ARES MANAGEMENT is backing an Astorg-led loan. Lithium refers to a part of Euromoney’s while some bidders are dropping out of processes
group’s £1.7bn bid for EUROMONEY, in the latest division after separation between Astorg, Epiris when confronted with the cost of debt. Last month,
sign of private debt’s ability to finance large and Ares Equity. Walgreen Boots Alliance abandoned its £5bn sale
deals during market volatility. of UK pharmacy chain Boots, citing the impact of
Pricing for loans other than the PIK are linked to market instability on financing availability.
Financial publisher Euromoney has accepted gross leverage. Prior to separation, for more than
the offer from private equity firms Astorg Asset 5.25 times the margin is 775bp; for more than 4.75 Meanwhile, banks are struggling to sell down
Management and Epiris. It’s a rare success for times it is 750bp; for more than 4.25 times it is the €25bn-equivalent of M&A underwritings
dealmakers who have seen buyout processes dry 725bp; and for 4.25 times or lower it is 700bp. they are still sitting on, meaning they have
up as the cost of debt soars and valuations tank limited balance sheet capacity for new deals.
on the back of fears of a recession. After separation, for greater than 5.8 times
the margin is 750bp; for more than 5.3 times it “Banks are trying to chip away at their
Euromoney’s buyout will see the company is 725bp; for more than 4.8 times it is 700bp and backlog so that they can underwrite again,” said
split into two businesses. Astorg is taking for 4.8 times or lower it is 675bp. a senior leveraged finance banker.
control of Euromoney’s Fastmarkets division and
Epiris is taking over the remaining businesses, The PIK loan carries a margin of 10%. Direct lenders have been increasingly taking
including asset management. The interest rate comprises Sonia+CAS for market share from skittish banks with a pitch
sterling, Euribor for euros and SOFR+CAS for of certainty of funding. And as the market is
Ares, which is providing debt funding to dollars. A 0.25% Sonia/0% Euribor/0.25% so volatile, borrowers are finding that in some
the consortium, is also providing equity co- SOFR floor is applicable. cases, direct lenders are proving to be a cheaper
investment, meaning that the firm will indirectly The CAS for sterling is 3.26bp for one-month source of funding than the syndicated market.
own 12.8% of the new company. Astorg will own or less, 6.33bp for two months or less, 11.93bp Debt costs in the leveraged finance market have
73% and Epiris Funds will own 14.19%. for three months or less and 27.66bp for six soared on the back of spiralling inflation, rate
months or less. For US dollars the CAS is rises and the looming threat of a recession.
The acquisition financing comprises a £725m 11.448bp for one-month or less, 18.456bp for two
unitranche facility, a £130m capex loan facility months or less, 26.161bp for three months or less A group of five private debt managers
that will be used for capital expenditure, and and 42.826bp for six months or less. including Blackstone Credit and Goldman
a £30m six-year super senior multi-currency The RCF has a commitment fee of 35% of the Sachs recently edged out banks to provide a
revolving credit facility. applicable margin. €1bn unitranche facility backing Envirotainer’s
acquisition by EQT and Mubadala. And CVC
The seven-year unitranche facility is made SLOW GOING Partners is set to fund its purchase of Visma’s IT
up of a £56.4m PIK Lithium loan, a £268.6m New deals are few and far between in the market at consulting business with a €400m unitranche
non-PIK Lithium loan and a £400m non-Lithium present. Potential sellers are putting deals on hold, facility from Blackstone.
loan, while the seven-year capex loan comprises Candy Chan, Eleanor Duncan, Christopher Mangham
a £100m Lithium loan and a £30m non-Lithium
International Financing Review July 23 2022 57
US$245m second-lien term loan facility and a %XPECTEDûCORPORATEûANDûINSTRUMENTûRATINGSûAREû BNP Paribas and Nomura are the physical
US$15m delayed draw second-lien term loan " "ûWITHûAûSTABLEûOUTLOOKûANDûRECOVERYûRATIOûOFû bookrunners.
facility.
Proceeds from the deal will also be used to Proceeds will also be used for general
4HEûTRANSACTION ûWHICHûVALUEDûTHEûCOMPANYû RElNANCEûDEBT û%XISTINGûLENDERSûAREûBEINGû CORPORATEûPURPOSE ûANDûTOûPAYûRELATEDû
ATû53 BN ûISûEXPECTEDûTOûCLOSEûINûTHEûFOURTHû offered a cashless roll. TRANSACTIONûFEESûANDûEXPENSES
QUARTERûOFû ûSUBJECTûTOûSTOCKHOLDERûAPPROVAL û
regulatory approval and other customary closing Bank of America and Jefferies LEDûTHEûlNANCING û 4HEûCOMPANYûLASTûRAISEDûAûõ BNû4,"ûTOû
conditions. Additional joint bookrunners are Credit Suisse û RElNANCEûEXISTINGûDEBTûINû*ULYû û4HATûLOANû
Deutsche Bank ûHSBC ûMizuho ûMorgan Stanley and WASûPRICEDûATû BPûOVERû%URIBORûWITHûAû û
Patient Square Capital committed to purchase SMBC. mOORûANDû û/)$
EQUITYûINTERESTSûINûTHEûCOMPANYûTOû53 M
4HERAMEXûWASûCREATEDûFOLLOWINGûTHEû 'ALILEOû'LOBALû%DUCATIONûSECUREDûAûõ Mû
4EXAS
HEADQUARTEREDû(ANGERûSPECIALISEDûINû CARVE
OUTûOFûAûPORTFOLIOûOFûWOMEN SûHEALTHû TERMûLOANûINû-AYû ûTOûFUNDûITSûBUYOUTûBYû
orthotics and prosthetics services for patients PRODUCTSûINû û4HEûCOMPANYûPROVIDESû consortium of institutional investors
through about 875 clinics across the US. patient-focused solutions across including Canada Pension Plan Investment
CONTRACEPTION ûFERTILITY ûMENOPAUSE ûANDû "OARD û-ONTAGUûANDûEXISTINGûSHAREHOLDERSû
"ANKûOFû!MERICAûISûTHEûlNANCIALûADVISERûTOû OSTEOPOROSIS û)TûSERVESûMOREûTHANûSIXûMILLIONû Tethys Invest and Bpifrance.
Hanger. WOMENûINû ûCOUNTRIESûACROSSû%-%! û!0!#û
ANDû3OUTHû!MERICA ûANDûEMPLOYSû ASIA-PACIFIC
Hanger last tapped the loan market in APPROXIMATELYû ûPEOPLE
-ARCHû ûWHENûITûRAISEDûAû53 MûTERMû VIRTUS HEALTH FLEXES TERMS
LOANû"ûTOûBACKûAûRElNANCINGûOFûEXISTINGûDEBT û GALILEO UPS €300m TLB
4HEûLOANûPRICEDûATû BPûOVERû,IBORûWITHûAû
ûmOORûANDû û/)$
EUROPE/MIDDLE EAST/ %UROPEANûHIGHERûEDUCATIONûPLATFORMûGALILEO 0RIVATEûEQUITYûlRMû"'(û#APITALûHASûmEXEDû
AFRICA GLOBAL EDUCATIONûUPSIZEDûAûõ MûTERMûLOANû"û PRICINGûFORûTHEû! Mû 53 M ûlNANCINGû
FROMûõ MûTOûFUNDûBOLT
ONûACQUISITIONS backing its leveraged buyout of fertility
THERAMEX PRICES TLB services provider VIRTUS HEALTH AUSTRALIA.
The covenant-lite loan matures in July
5+
BASEDûWOMEN SûHEALTHûBUSINESSûTHERAMEX ûTHEûSAMEûASûTHEûCOMPANY SûEXISTINGû 4HEûBORROWINGûCOMPRISESûAû! MûSEVEN
lNALISEDûAûõ MûTERMûLOANû"ûTHATûWILLûBEûUSEDû 4," û4HEûLOANûPAYSû BPûOVERû%URIBORûWITHû YEARûlRST
LIENûTERMûLOANû" ûAû! MûEIGHT
YEARû
TOûlNANCEûTHEûCOMPANY SûACQUISITIONûBYû4HEû Aû ûmOORûANDûAû û/)$ ûVERSUSûAû û/)$ûATû SECOND
LIENû4,"ûANDûAû! MûlVE
YEARû
#ARLYLEû'ROUPûANDû0!)û0ARTNERSûFROMû#6#û launch. revolving credit facility.
Capital Partners.
The incremental loan is non-fungible with 4HEûlRST
LIENûPIECEûISûBEINGûMARKETEDûATû
The seven-year covenant-lite loan pays THEûEXISTINGû4," û)TûCARRIESû ûSOFTûCALLû BPûOVERû""39ûWITHûAû ûmOORûANDûANû
BPûOVERû%URIBORûWITHûAû ûmOOR ûUNCHANGEDû protection for 12 months. OID of 98 compared with levels at launch
FROMûLAUNCH û4HEû/)$ûlRMEDûATû ûFROMû û OFû BPûOVERû""39 ûAû ûmOORûANDûANû/)$û
nû ûATûLAUNCH “It is a good credit. It sits in a good sector that of 99.
ISûNOTûIMPACTEDûMUCHûBYû#OVIDûANDûINmATION û)û
4HEûLOANûCARRIESûAû ûSOFTûCALLûPROTECTIONûFORû THINKûITûISûMOREûORûLESSûAûPRICINGûEXERCISEûTHANû The second-lien portion at launch was
12 months. HEAVYûMARKETING vûSAIDûAûLOANûINVESTOR guided at 775bp over BBSY.
%XPECTEDûCORPORATEûRATINGSûAREû" "ûWITHûAû UBS is the mandated lead arranger and
stable outlook. bookrunner.
US LEVERAGED LOANS EUROPEAN LEVERAGED LOANS EMEA SPONSORED LOAN BOOKRUNNERS
BOOKRUNNERS: 1/1/2022 TO DATE BOOKRUNNERS: 1/1/2022 TO DATE BY VOLUME: 1/1/2022 TO DATE
Managing No of Total Share Managing No of Total Share Europe, Middle East, Africa
bank or group issues US$(m) (%) bank or group issues US$(m) (%)
Managing No of Total Share
1 Bank of America 395 87,824.80 13.6 1 BNP Paribas 23 2,410.66 6.9 bank or group issues US$(m) (%)
2 Wells Fargo 318 65,538.95 10.2 2 Credit Agricole 22 1,875.12 5.4
3 JP Morgan 305 8.7 3 Deutsche Bank 12 1,851.34 5.3 1 Societe Generale 12 1,529.91 6.7
4 Citigroup 131 56,174.18 4.5 4 JP Morgan 11 1,756.56 5.0 2 Credit Agricole 18 1,507.68 6.6
5 Goldman Sachs 128 28,938.18 5 UniCredit 12 1,756.51 5.0 3 BNP Paribas 16 1,492.20 6.5
6 Barclays 138 23,606.85 3.7 6 Santander 13 1,730.08 5.0 4 Deutsche Bank 7 1,154.64 5.0
7 PNC Finl Services 126 23,115.44 3.6 7 ING 12 1,661.96 4.8 5 Bank of America 8 1,114.63 4.9
8 MUFG 106 20,776.76 3.2 8 Bank of America 11 1,593.05 4.6 6 JP Morgan 7 1,096.78 4.8
9 Citizens Finl Group 154 18,929.15 2.9 9 Credit Suisse 11 1,324.22 3.8 7 UniCredit 7 1,019.60 4.5
10 Truist Financial 139 18,656.39 2.9 10 Societe Generale 13 1,249.55 3.6 8 Natixis 6 1,004.85 4.4
1,153 18,144.94 2.8 67 34,913.23 9 Morgan Stanley 7 965.51 4.2
Total 644,664.72 Total 10 UBS 6 873.45 3.8
48 22,891.20
Excluding Project Finance. Excluding project finance. Western Europe only included. Total
Source: Refinitiv SDC code: P2 Source: Refinitiv SDC code: P10 Excluding project finance. SDC code: P13
Source: Refinitiv
Highlight your success with reprints from IFR
Contact:
Europe, Africa & USA: Leonie Welss, [email protected]
Asia & Middle East: Shahid Hamid, [email protected]
58 International Financing Review July 23 2022
EQUITIES
China 60 Hong Kong 60 India 61 Indonesia 61 South Korea 62 Thailand 62 Italy 62
Spain 63 UK 63 United States 64 Structured Equity 65
FRONT STORY AUSTRALIA
ANZ builds at home
Bank doubles down in Australia after unwinding Asian expansion
Strong support for institutional entitlement offer
AUSTRALIA AND NEW ZEALAND BANKING GROUP is A retail entitlement offer will run from accretive to return on equity while it would
raising A$3.53bn (US$2.4bn) from July 26 to August 15. improve earnings per share by low single
Australia’s largest equity transaction this digits. The effect on both measures will be
year to buy the banking operations of Overall, ANZ is issuing 186.9m new shares neutral pre-synergies.
insurer Suncorp as part of a renewed focus in a 1-for-15 accelerated renounceable
on the domestic retail market. entitlement offer. STEADY CREDIT PROFILE
While the transaction is expected to
The acquisition of SUNCORP BANK for an As part of the deal, ANZ will also acquire increase ANZ’s overall wholesale funding
upfront consideration of A$4.9bn will add Suncorp Bank’s AT1 notes at face value, requirements, it should not weaken its
A$47bn of home loans to ANZ’s balance which was A$600m in June. CREDITûPROlLE
sheet and give it a bigger footprint in
Queensland, the country’s fastest-growing GROWTH STORY Fitch said the transaction would
state where it has been under-represented. Investors said the deal offered a decent increase market share and geographical
discount (12.7% to the pre-deal close). Some diversity. It said the acquisition is unlikely
The move marks a further shift away were also relieved that, simultaneously with to result in a change in the bank’s A+
from ANZ’s expansion into Asia under the Suncorp announcement, ANZ had rating, which, as with S&P and Moody’s, is
former chief executive Mike Smith, who shelved discussions on a potential in line with the country’s other three
invested across the region to take advantage acquisition of small business accounting major banks.
of rapid growth in emerging markets. software provider MYOB from KKR for a
reported A$4bn and chosen to invest in its “A growth acquisition story
His successor and incumbent CEO Shayne core business instead. with the right price that could
Elliott, who took over in 2016, has sold off benefit the company in the long
many of Smith’s poorly performing Asian “A growth acquisition story with the right term is definitively attractive for
assets and shifted the bank’s focus back PRICEûTHATûCOULDûBENElTûTHEûCOMPANYûINûTHEû shareholders”
TOWARDSûITSûCOREûLOCALûPROlTûCENTRES LONGûTERMûISûDElNITIVELYûATTRACTIVEûFORû
shareholders,” said an Australian ECM -OODY SûAFlRMEDû!.: Sû!A ûRATINGûANDû
Elliott described the Suncorp Bank banker away from the deal. estimated the acquisition would increase
purchase, the biggest Australian banking the bank’s share of the mortgage market by
deal in over a decade, as “a cornerstone However, there are some doubts about the around 2.3%.
investment for ANZ” that will reshape the A$260m in annual pre-tax synergies that
bank’s domestic business. ANZ is targeting, representing 35% of S&P, which rates ANZ AA–, said the
Suncorp Bank’s current cost base. acquisition will add about A$85bn in assets
But the timing involves some risks with to ANZ’s balance sheet, which totalled
the Reserve Bank of Australia having raised “Synergies will be slow in coming, due to around A$680bn as of May 31, though this
rates three times by a combined 125bp since assurances to the Queensland government still leaves it behind Commonwealth Bank
May, with more to come, and housing prices about not cutting jobs,” said Joseph Koh, of Australia, Westpac and National Australia
on the way down from recent record highs. portfolio manager at Schroders. “Bank Bank.
The deal may also face regulatory hurdles system mergers and integrations are
on competition grounds and completion is notoriously slow, cumbersome and “In our view, the acquisition would
not expected before the second half of next expensive.” strengthen the bank’s market position in
year. the higher growth state of Queensland and
ANZ has committed not to close any deliver the group greater scale and
POSITIVE MARKET REACTION Suncorp branches in Queensland or to make improved geographic diversity across the
Still, market reaction was positive. The net staff cuts in the state for three years Australian states and New Zealand,” S&P
A$1.7bn institutional entitlement offer after completion. Queensland will account said.
attracted take-up of 95%, and a A$92m for 19% of ANZ’s total lending post-purchase
shortfall bookbuild was priced at A$21.65 against 14% today. The transaction marks a further
per share, above the rights price of consolidation in the Australian banking
A$18.90. Some critics also noted that the equity market following National Australia Bank’s
raising at A$18.90 per share came less A$1.2bn acquisition in March of Citigroup’s
“Normally we will say 90% take-up is a than four months after ANZ completed a Australian retail business.
DECENTûlGURE û ûTAKE
UPûMEANSûTHEûDEALûISû A$1.5bn share buyback at an average cost
really strong and well supported,” an ECM of A$27.71. Macquarie and UBS are joint lead managers
banker said. for the equity raise.
ANZ said the Suncorp purchase price Sunny Tse, John Weavers
Following a three-day trading halt, ANZ represented a P/E of 13.8, or 9.3 accounting
shares rose on Thursday and Friday to end for synergies, which will take up to six years
the week at A$22.59. to fully realise. It said that, post-synergies,
the acquisition would be marginally
International Financing Review July 23 2022 59
ASIA-PACIFIC mainland China and Hong Kong-based The deal, comprising 80m shares, was
ISSUERS û)TûMAYûALSOûEXERCISEûSIGNIlCANTû priced at HK$12.70 each, compared with the
CHINA oversight and discretion over a company’s marketed range of HK$12.64–$13.05.
ability to conduct business in mainland
CSRC APPROVES VANKE’S ONEWO China and Hong Kong, which could result in 4HEûlNALûPRICEûREPRESENTSûAûDISCOUNTûOFû
SPIN-OFF a material change in its operations. 8.5% to Thursday’s close of HK$13.88.
The China Securities Regulatory GigaCloud connects manufacturers, primarily The vendor will be subject to a 180-day
Commission has approved Hong Kong and in Asia, with resellers, primarily in the US, Asia lockup.
Shanghai-listed CHINA VANKE’s spin-off of and Europe, to execute cross-border
subsidiary ONEWO SPACE-TECH SERVICE for a TRANSACTIONS û)TûPOSTEDûAûNETûPROlTûOFû53 MûFORû JP Morgan and UBS were the bookrunners.
separate listing on the Stock Exchange of THEûlRSTûQUARTERûOFû ûDOWNû
Hong Kong. HONG KONG
/NEWOûlLEDûINû!PRILûFORûAû(ONGû+ONGû)0/ û PLUS DIGITAL PLANS HK IPO AMTD DIGITAL SHINES ON NYSE DEBUT
which sources with knowledge of the
matter said could raise about US$2bn. PLUS DIGITAL TECHNOLOGIES is planning to raise Shares in AMTD DIGITAL more than doubled on
about US$150m from a Hong Kong IPO as their debut on July 15 and are trading still
The company is planning to seek listing early as this year. higher, after the Hong Kong-based digital
approval as early as this week, said people lNANCIALûSERVICESûPROVIDERûRAISEDû53 Mû
with knowledge of the matter. 4HEûCOMPANYûlLEDûAûLISTINGûAPPLICATIONûONû from an NYSE IPO.
Thursday, with Jefferies and Guotai Junan
Citic Securities, Citigroup and Goldman Sachs International as sponsors. AMTD Digital, a spin-off of NYSE and
are sponsors. Singapore-listed Hong Kong investment
Founded in 2004, Plus Digital provides bank AMTD Idea Group, sold 16m American
Vanke owns 62.9% of Onewo, while Boyu digitalised sales and marketing services and depositary shares at US$7.80 each.
Capital owns 17.1%. software as a service to retailers.
It tried to list in June last year with a
The subsidiary, previously known as 4HEûCOMPANYûPOSTEDûAûNETûPROlTûOFû smaller deal but failed. It planned to sell
Vanke Property Management, comprises 2MB Mû 53 M ûFORûTHEûlRSTûQUARTERûOFû 6.4m ADSs in an indicative price range of
Vanke Service, a community space services 2022, up 22% from a year earlier. US$6.80–$8.20 per share.
PROVIDER û#USHMANû û7AKElELDû6ANKEû
Service, a commercial space services LINMON MEDIA PRE-MARKETS IPO The shares opened at US$13 on their
provider; CITY UP, an urban space services debut, touching a high of US$19.70 before
provider; and Vanrui Technology, which LINMON MEDIA, a producer of Chinese drama ending the day at US$16.21. On Monday they
PROVIDESûSERVICESûFORûTHEûARTIlCIALû series, has started pre-marketing a Hong ended at US$27.80 before easing back to
intelligence internet of things and business Kong IPO of about US$60m. US$20.32 at Thursday’s close.
process as a service.
CICC and Morgan Stanley are sponsors, and AMTD Digital mainly provides corporate
)TûPOSTEDûAûNETûPROlTûOFû2MB BNû CMB International is also on the deal. insurance services and has also partnered
(US$270m) for 2021, up 12.8% from 2020, on with Xiaomi and others to form digital
revenue of Rmb24bn, up 32.1%. Linmon has produced and distributed 17 wholesale banking platform Singa Bank.
drama series.
Vanke is following many other Chinese )NûAûlLING ûITûSAIDûITûDOESûNOTûHAVEûANYû
developers that have spun off their property The company posted a loss of Rmb2.1m material operations in mainland China and
management assets via Hong Kong listings 53 M ûFORûTHEûlRSTûQUARTERûOFû û does not have a variable interest entity
in the past few years. Zhuhai Wanda compared with a Rmb11.9m loss a year earlier. structure, but it still faces risks and
Commercial Management, the property uncertainties associated with evolving PRC
management unit of Dalian Wanda Group, Tencent Holdings owns 19.8% of Linmon laws and regulations relating to VIE, data and
is planning a Hong Kong listing this year of and Hony Capital owns 16.2%. cyberspace security and anti-monopoly
about US$3bn. concerns.
GROUP SUCCESS SELLS XTEP BLOCK
4HEûCOMPANYûPOSTEDûAûNETûPROlTûOFû
Group Success Investments has raised HK$186m (US$23.7m) for the 10 months
HK$1.02bn (US$129.5m) from the sale of 3% of ended February 28, up 65% year-on-year.
sportswear manufacturer XTEP INTERNATIONAL.
GIGACLOUD FILES FOR NASDAQ IPO ASIA-PACIFIC EQUITIES ASIA-PACIFIC EQUITIES (EX-JAPAN)
BOOKRUNNERS: 1/1/2022 TO DATE BOOKRUNNERS: 1/1/2022 TO DATE
GIGACLOUD TECHNOLOGY, a B2B e-commerce
COMPANY ûHASûlLEDûFORûAû.ASDAQû)0/ Managing No of Total Share Managing No of Total Share
bank or group issues US$(m) (%) bank or group issues US$(m) (%)
The company, in which JD.com owns an
11.3% stake, is working with Aegis Capital on 1 CICC 53 11,604.01 8.8 1 CICC 53 11,604.01 9.1
THEûDEAL û4HEû)0/ûlLINGûDOESûNOTûMENTIONû 2 Citic 59 10,635.47 8.1
the fundraising target. 3 China Secs 40 9,451.94 7.2 2 Citic 59 10,635.47 8.3
4 Huatai Securities 38 5,912.96 4.5
Incorporated in the Cayman Islands, 5 Goldman Sachs 17 4,416.52 3.4 3 China Secs 40 9,451.94 7.4
GigaCloud has subsidiaries in mainland 6 UBS 24 4,250.77 3.2
China, Hong Kong, Japan and the US. It also 7 Morgan Stanley 25 3.0 4 Huatai Securities 38 5,901.44 4.6
has variable interest entities incorporated in 8 Citigroup 17 3,945.71 2.7
the US and the UK. 9 Guotai Junan Secs 37 3,534.63 2.6 5 Goldman Sachs 17 4,416.52 3.5
10 KB Financial Group 20 3,431.04 2.5
)NûTHEûRISKûFACTORûSECTIONûOFûTHEûlLING û 1,301 3,307.10 6 UBS 24 4,250.77 3.3
GigaCloud said the PRC government may Total 131,783.70
exert more control over offerings conducted 7 Citigroup 17 3,534.63 2.8
overseas and/or foreign investment in
8 Morgan Stanley 19 3,487.42 2.7
9 Guotai Junan Secs 37 3,431.04 2.7
10 KB Financial Group 20 3,307.10 2.6
Total 1,224 127,707.98
Including all domestic and international deals and rights issues Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C4a1 Source: Refinitiv SDC code: C4a2
60 International Financing Review July 23 2022
EQUITIES ASIA-PACIFIC
Keda and Shanshan bring landmark
Swiss GDR listings
CHINA Shanghai-London link expands to Zurich
KEDA INDUSTRIAL GROUP and NINGBO SHANSHAN US$20.64 each, representing a 7% discount to The heightened political tension between
on Friday launched respective global depositary Friday’s A-share close of Rmb29.90. Each GDR China and the US has caused US-listed
receipt offerings of US$175m and US$200m represents five A-shares. Chinese stocks to plunge. The US Securities
on the SIX Swiss Exchange, becoming the first and Exchange Commission has identified a
Chinese companies to sell shares in Switzerland. There is an upsize option of up to 9.7m GDRs long list of Chinese companies, whose audits
and no greenshoe. US regulators are unable to inspect under the
The deals mark an extension of the Shanghai- Holding Foreign Companies Accountable Act,
London Stock Connect trading link, under which Huatai International is leading the deal with that may be forcibly delisted as a result.
Chinese companies in 2019 started to sell GDRs CLSA.
in London. To establish closer ties with the West, Six other A-share listed companies have also
China in December allowed more European Two other Chinese companies listed announced plans for GDR listings in Switzerland
countries, including Switzerland and Germany, in Shenzhen are also planning to launch or London. They are lithium-ion battery maker
to be included in the scheme. The eligibility Swiss GDRs on Monday. GEM, which recycles Sunwoda Electronic, energy drinks producer
criteria were also extended to some Shenzhen- batteries and materials such as cobalt and Eastroc Beverage Group, semiconductor devices
listed companies. nickel, and lithium-ion battery producer manufacturer Will Semiconductor, medical
GOTION HIGH-TECH, are looking to raise about equipment maker Lepu Medical Technology
Shanghai-listed building materials machinery US$500m and up to US$1.5bn from the (Beijing), heavy machinery manufacturer Sany
manufacturer Keda is selling 12m GDRs deals, respectively. Heavy Industry and carbon products producer
at US$14.43–$14.58 each, representing a FangDa Carbon New Material.
8.3%–9.3% discount to Friday’s A-share close of CICC and Haitong International are on the
Rmb21.51 (US$3.18). Each GDR represents five Gotion deal while Citic Securities and BNP Keda and Shanshan will start trading on the
A-shares. Paribas are handling GEM’s listing. SIX Swiss Exchange on July 28.
There is an upsize option of up to 6m GDRs Selling GDRs in foreign countries is aligned Ming Yang Smart Energy raised US$707m in
and a greenshoe of up to 2m GDRs. with China’s goals to help revive the economy, July as the first Chinese company to list GDRs in
which has been dragged down by the pandemic London for 20 months. Its GDRs on Friday were
Cornerstone investor Guangdong (Foshan) and extremely strict restrictions to control it. The up 4.8% since listing but liquidity is as patchy as
Manufacturing Transformation and Development government has said it will support qualified with earlier GDRs, with just 83 GDRs changing
Fund will take up US$44m of the deal. Chinese companies to list in Hong Kong and hands on Tuesday and 196 on Thursday (with
abroad. 57,341 on Wednesday).
CICC is the bookrunner. Fiona Lau
Shanghai-listed lithium-ion battery materials In China’s eyes, Switzerland may appear less
maker Shanshan is selling 9.7m GDRs fixed at diplomatically objectionable than some rival
markets.
AMTD, Livermore and Eddid were the joint parent Housing Development Finance PROlTûAFTERûTAXûROSEûTOû2S MûFROMû
bookrunners. Corp goes through, CEO Sashidhar Rs30.1m.
Jagdishan said at a shareholder meeting
INDIA last week. INDONESIA
AU SFB BOARD OKAYS EQUITY RAISING The bank has been planning an IPO for BLIBLI PLANS INVESTOR MEETINGS
HDFC SECURITIES and HDB FINANCIAL SERVICES but FOR IPO
The board of AU SMALL FINANCE BANK has has not indicated the timing. HDB
approved a plan to raise up to Rs30bn Financial’s IPO is expected to raise about E-commerce company BLIBLI is planning
(US$375m) through an issue of equity. US$1bn–$1.5bn. preliminary meetings with investors
next month for a US$500m–$1bn local
It also plans to raise up to Rs60bn from HDFC Bank and HDFC announced the IPO.
the sale of debt instruments. merger in April. It is expected to take
around 18 months to complete. The launch will be subject to an
In a stock exchange announcement, the improvement in global stock market
bank said shareholder approval will be SULA PULLS CORK ON IPO conditions.
sought on August 23.
India’s largest wine producer SULA VINEYARDS The poor performance of Indonesian
AU SFB shares are up 11% this year. HASûlLEDûFORûAû2S BNn2S BNû 53 Mn tech IPOs is weighing on investor
In 2017, the bank raised Rs19bn from an $175m) IPO comprising 25.5m secondary sentiment. GoTo shares at Rp298 and
IPO led by Citigroup, HDFC Bank, ICICI shares. Bukalapak’s at Rp254 are still below
Securities and Motilal Oswal. their respective IPO prices of Rp338 and
Controlling shareholder Rajeev Samant Rp850.
HDFC BANK TO CONSIDER IPO OF UNITS ANDûINVESTORSû#OlNTRA û(AYSTACKû
Investments, Saama Capital III, SWIP The company is backed by Indonesian
HDFC BANK will consider listing its Holdings and Verlinvest are among the conglomerate Djarum Group.
BROKERAGEûANDûlNANCEûCOMPANYû vendors.
subsidiaries only after its merger with Credit Suisse and Morgan Stanley are the
Sula’s income in the year to March was banks on the transaction.
Rs4.6bn, up 9.5% from Rs4.2bn in 2021. Its
International Financing Review July 23 2022 61
SOUTH KOREA around US$500m as early as the end of the a MûlNALûSIZE û!TûTHEûTIMEûOFûTHEû
year, people with knowledge of the greenshoe exercise, the shares were trading
SOOSAN INDUSTRIES PRICES AT BOTTOM transaction said. 38% above pricing at 484p.
Power plant maintenance services provider The launch is subject to an improvement Bridgepoint shares opened at 220.6p on
SOOSAN INDUSTRIES has priced its KRX IPO at in market conditions, they said. Tuesday and are down 55% so far this year.
the bottom of the indicative price range to
raise W200bn (US$152.5m). Around 12.5% of the company will be sold For Energy, the target base deal is €36m,
in the IPO. with 11.3m–15m primary shares on offer
The IPO comprised 4.3m primary and with guidance of €2.40–€3.20 each. There is
1.4m secondary shares in an indicative Singapore’s GIC and Temasek are the a 10% secondary greenshoe.
range of W35,000–W43,100 each. other shareholders of the company, founded
by CEO Le Hong Minh in 2004. 4HEûFREE
mOATûISû ûRISINGûTOû ûONû
The selling shareholders include the full exercise of the greenshoe, for a market
largest shareholder, chairman and CEO VNG has four main businesses – online capitalisation of €156m–€196m.
Chung Suk-Hyun. There is a voluntary games, platforms, digital payments and
lockup of between 15 days and six months. cloud services. It runs the Zalo messaging A €10m cornerstone commitment from
app. RPS, part of energy-focused holding
Soosan Industries mainly provides services company Riello Elettronica Group, will
to nuclear and thermal power plants. Citigroup and Morgan Stanley are working make the €36m target more manageable.
on the transaction.
Samsung SecuritiesûISûLEADINGûTHEûmOAT Pre-money, the company is more or less
In 2017, VNG signed a memorandum of equally held by four shareholders: Andrea
HYUNDAI OILBANK DROPS IPO understanding with Nasdaq to list on the 4AFFURELLI û$AVIDEû4INAZZI û(ONGWUû3UNûANDû
bourse. %UROGUARCO û4INAZZIûANDû4AFFURELLIûAREûCO
HYUNDAI OILBANK ûTHEûRElNINGûARMûOFû(YUNDAIû founders and CEO and CTO, respectively.
Heavy Industries, is withdrawing its planned EUROPE/MIDDLE The cornerstone investor is locked up for 12
IPO due to challenging market conditions. EAST/AFRICA months post-IPO and the company and
shareholders will be locked up for 18
HD Hyundai, which owns 73.85% of ITALY months and management 36 months.
Hyundai Oilbank, said on Thursday that
CURRENTûMARKETûCONDITIONSûMADEûITûDIFlCULTû FINAL BURST OF ENERGY AS ITALIAN IPO As a further incentive, the pre-IPO
to achieve a proper valuation. OPENS BOOKS shareholders have set aside 15m of existing
shares that they own (there are 50m shares
The company received preliminary listing Energy storage business ENERGYûlNALLYû pre-money) as price adjustment shares. If
approval in late June and sources close to opened books on an up to €36m Euronext the company fails, partially or in total, to
the deal said it could raise up to US$1.5bn. Growth Milan IPO last Tuesday, almost a meet Ebitda targets of €21.5m in 2022, €30m
month after pre-marketing began. in 2023 and €40m in 2024, up to 33% of the
A previous attempt at a US$1bn IPO in price adjustment shares will be cancelled in
2018 was put on hold because of regulatory The deal is slightly smaller than the each instance. As a result, other
scrutiny of the company’s balance sheet. ballpark €50m at the launch of pre- SHAREHOLDERSûWILLûBENElTûFROMûANûIMPROVEDû
marketing, although a 10% secondary earnings per share and greater liquidity
NH Investment & Securities, KB Securities and greenshoe could lift the total transaction to FROMûAûLARGERûFREE
mOATûOFûUPûTOû
Credit Suisse were leading the latest deal. just shy of €40m.
If the share price remains 30% or more
THAILAND Energy manufactures and integrates above the IPO price for six months in total
energy storage systems, for residential and within a 12-month period, the shares are
THAI CREDIT RETAIL BANK PLANS IPO commercial and industrial applications. returned to the pre-IPO shareholders as
Components are supplied by international ordinary shares.
-ICROlNANCEûLENDERûTHAI CREDIT RETAIL BANK is technology partners and integrated with
planning a domestic IPO of up to US$400m, Energy’s proprietary software. The company The key peer is Aton Green Storage, a
people with knowledge of the transaction said. has begun manufacturing components in- €44.8m Milan-listed business that has seen
house to become a full system integrator, its shares fall by about 18.5% in the year to-
Bualuang Securities is working on the and opened a new production plant in May. date, but have been climbing since the start
transaction. of July and have risen by around 2%.
As of December 31, revenues totalled
Thai Life Insurance, which recently listed on €51.5m, up from €20.2m in 2020, with Pre-marketing for the IPO began on June
the Stock Exchange of Thailand, and Olympus Ebitda of €10.4m. Turnover in 2022 is 20. Bookbuilding runs until July 26, pricing
Capital Asia are among the bank’s shareholders. forecast at €120m–€140m. is due on July 27 and a trading debut is
scheduled for July 29. The deal is being
Founded in 1970 and granted a retail Energy will be one of the latest launches marketed on a Reg S basis. Roadshows are
banking licence in 2006, Thai Credit for a European IPO in the pre-summer expected to be all virtual.
PROVIDESûlNANCIALûSERVICESûTOûSMALLû window. In 2021, Bridgepoint sent investors
businesses, wet market vendors, small off on holidays when it closed books on July A banker involved said that while the
traders, food stall owners and other self- ûONûONEûOFûTHEûBESTûmOATSûOFûTHEûYEARûINû market backdrop is not helpful, it is useful
employed individuals. terms of pricing and aftermarket to have much of the market’s attention,
performance. with Opdenergy the only other live
VIETNAM European IPO before the summer recess.
4HEû5+ûMID
MARKETûPRIVATEûEQUITYûlRMû With the long pre-marketing period, there
VNG PLANS US$500m US IPO began bookbuilding on July 14 and wrapped has been the chance to build a shadow book
up the deal with top-of-the-range pricing before launching roadshows.
Tencent-backed technology company VNG and a greenshoe exercised by July 26 for a
CORP is planning to launch a US IPO of UniCredit/Kepler Cheuvreux and Stifel are
joint bookrunners, with Stifel also Euronext
Growth adviser. La Compagnia Holding
Merchant BankûISûlNANCIALûADVISER
62 International Financing Review July 23 2022
EQUITIES EMEA
SAUDI ARABIA The shares opened at €4.79 versus €4.75 interest from a large investor, as well as a
pricing shortly after 1pm in London and relatively strong trading performance from
NAQI WATER SETS RANGE FOR UP TO were at issue price within the hour. peers Grenergy and Solaria.
US$110m TADAWUL FLOAT
Pricing came at the bottom of a €4.75– Barclays, Santander and Societe Generale were
Saudi Arabian bottled water business NAQI €5.40 range, though the book was covered joint global coordinators, and joint
WATER has set a range of SR65–SR69 per throughout revised guidance of €4.75–€4.90 bookrunners with JB Capital Markets.
share on its Tadawul IPO. on Wednesday ahead of books closing
during the day on Thursday. Industrie De Nora’s aftermarket
The offering of 6m shares sets the performance hardly came up in investor
deal at SR390m–SR414m (US$104m– “Given the backdrop, we didn’t want to conversations, the banker said. “It really had
$110m). Books opened on Sunday and push too hard, we wanted this to trade as no bearing on Opdenergy’s IPO. Investors
closed on Thursday, a relatively short well as possible,” said a banker involved. were very much focused on this equity
lVE
DAYûBOOKBUILD ûANDûRETAILû “Sometimes management doesn’t want to story,” he said.
subscription for 10% of the deal follows listen to what the market is saying, but the
on July 27–29. Opdenergy management had that tough De Nora shares were still languishing
previous experience and so were more below the €13.50 pricing in its €474m June
As is common with Middle East IPOs, a realistic and pragmatic. We wanted to IPO and trading at €13.05 at 3pm in London
trading date has not yet been set and is allocate as much as possible to the safer on Friday. By the Thursday close, 4.5m out of
unlikely to be forthcoming before pricing, hands in the book.” the 5.26m secondary greenshoe shares
expected on August 3. available had been used for stabilisation.
A €375m IPO attempt was abandoned in
4HEûSHARESûREPRESENTûAûFREE
mOATûOFû û May 2021 on the back of unstable market Opdenergy said it has also drawn down
and the range gives a market capitalisation conditions and a tough tape for renewable €143.7m of a €250m debt facility for the
of SR1.3bn–SR1.38bn. energy IPOs. early redemption of €140m of notes issued
in 2021. In addition, it expects to
The 50% owners are Ameen Abdullah Ali With that previous experience and imminently sign an agreement with BBVA
Almallah and Alsad Modern Advanced ANOTHERûDIFlCULTûMARKETûBACKDROPûFORû)0/Sû and the European Investment Bank for the
Company. in mind, there was a strong focus in early commission and construction of a solar
look marketing and pre-marketing on portfolio in Spain with a total expected
Naqi Water sells bottled water, soft getting comfort in advance of books installed capacity of approximately 605MW,
drinks and juices for retail and wholesale, opening. currently under construction. The facility
and supplies government agencies, has a tenor of 17–18 years and includes
schools and mosques. According to the “We did a lot of the work before the book senior debt of approximately €301m, a
COMPANY ûTHEûTOTALûMARKETûSIZEûFORûBOTTLEDû opened,” said the banker. “We wanted to €29m power purchase agreement and a
water in the kingdom was around lock down people’s intentions so that once credit line of €17m.
US$2.1bn in 2020. we put out that price range it would be
covered soon after. We needed to be covered UK
Revenue in the year to December 31 was early.”
SR277.8m versus SR264.5m in 2020 and DECHRA RAISES £184m FOR
SR207.3m in 2019. Although the range was set on July 11, ACQUISITION SPREE
books did not open until the July 14, and a
Aljazira Capital is sole bookrunner. covered message came the following day. Veterinary supplier DECHRA PHARMACEUTICALS has
raised £184m across a placing and PrimaryBid
SPAIN In total, 42.11m new shares were placed retail offer following its agreement to acquire
at €4.75 each to raise €200m for a €703m US business Piedmont Animal Health.
OPDENERGY HOLDING FIRM AFTER IPO market capitalisation.
Dechra said on Wednesday that it is
Shares in Spanish renewable energy There was a cornerstone commitment for buying Piedmont for US$210m/£175m in
company OPDENERGY opened fractionally a 6% post-money stake from Indumenta cash and is also in exclusive discussions for
higher on debut on Friday following Pueri, the holding company of the ANOTHERûSIMILARLYûSIZEDûACQUISITION
completion of a €200m IPO. $OMINGUEZûDEû'ORûFAMILYûTHATûOWNSû3PANISHû
clothing company Mayoral. That Assuming completion of both deals,
EMEA EQUITIES commitment totalled around €42m, or Dechra expects its net debt to Ebitda to be
BOOKRUNNERS: 1/1/2022 TO DATE ABOUTûAûlFTHûOFûTHEû)0/ approximately 1.8 times by December 31.
Managing No of Total Share 4HEûFREE
mOATûISû ûEXCLUDINGûTHEû Piedmont has eight novel products in
bank or group issues US$(m) (%) cornerstone stake, rising to 25.3% on full development for cats and dogs, with two
exercise of a 10% secondary greenshoe. products expected to be launched in 2024
1 Goldman Sachs 27 5,479.32 10.1 Santander is stabilisation manager. and 2025 and expected peak sales potential
2 Citigroup 21 4,093.31 7.6 of at least US$40m in aggregate.
3 HSBC 11 3,293.42 6.1 Marearoja Internacional, Jalasa Ingeniera,
4 Bank of America 15 2,454.94 4.5 Unipersonal and Aldrovi provided the ‘shoe and The potential acquisition is a platform
5 Morgan Stanley 19 2,389.95 4.4 are left with an aggregate 71.6% stake pre- BUSINESSûTHATûISûPROlTABLEûANDûCASH
6 BNP Paribas 17 1,841.96 3.4 greenshoe, falling to 68.7% on full exercise. generative with similar Ebitda margins to
7 JP Morgan 17 1,645.28 3.0 Piedmont.
8 Saudi National Bank 4 1,623.83 3.0 The top 10 orders took around 60% of the
9 Jefferies 19 1,452.53 2.7 stock from a book of more than 85 lines, In total, 5.24m new shares were sold in
10 Barclays 13 1,329.37 2.5 including strong support from dedicated the accelerated bookbuild, and 116,870
404 54,103.27 renewable funds and ESG specialists. There shares were sold via the PrimaryBid
Total was a strong local bid, with the banker PLATFORM û0RICINGûWASûlXEDûATûLAUNCHûATû
saying that the run of Spanish renewable £34.30, a 7.7% discount to Wednesday’s
Including all domestic and international deals and rights issues offerings in the last few years ensured £37.30 close.
interest from domestic renewable funds.
Source: Refinitiv SDC code: C4cr
He added that the cornerstone played a
key part in giving people the comfort of
International Financing Review July 23 2022 63
A spokesperson for Dechra said that the Bausch + Lomb spin-off still
company was delighted with the investor on despite shake-up
response.
US CEO stepping down just two months after IPO
Dechra Pharmaceutical shares opened on
Thursday just above pricing at £34.38, BAUSCH HEALTH still intends to complete the spin- Bausch Health could complete the second
pushing up to £36.18 by the close. On Friday off in early 2023 of BAUSCH + LOMB, the eyecare 10% sale after September 8, when the 135-
afternoon, the shares had risen above the unit it took public in May, though the separation day lockup period expires, or if B+L shares
pre-deal close to £37.44. remains contingent upon the parent company trade above US$22.50 for 10 out of any 15
reducing debt leverage to de-consolidate and consecutive trading days after second-quarter
Investec was bookrunner, having run a complete the spin. earnings are reported. Obviously, the parent
handful of Dechra fundraisings in the past has little motivation to sell at current levels
decade. B+L will be under new leadership by the time and the chances of an early lock-up release
it is spun off, after the company announced are remote.
LUMIRADX RAISES US$100m FROM on Wednesday morning that Joseph Papa was
COSTLY STOCK SALE stepping down. The departure of Papa, who Separately, Bausch Health last month
served as chairman and CEO of Bausch Health suspended plans to take public its SOLTA MEDICAL
LUMIRADX, a UK-based Covid-19 test maker until switching to B+L upon its IPO, was not “the unit.
that went public through a botched SPAC result of any disagreement” and equity awards
merger, needed to raise at least US$100m will be treated consistent with retirement. Bausch Health is expected to report second-
and hit that mark exactly last week, opting quarter earnings in early August, though it has
TOûUPSIZEûAûPUBLICûSTOCKûOFFERINGûTOû53 Mû B+L has initiated a search for a new CEO, with yet to set an official date for the earnings release.
and padding that out with US$25m from a Papa agreeing to stay on board until a successor
concurrent private placement. is appointed. B+L did affirm earlier guidance for 2022,
initially provided in early June, for full-year
The US$100m funding mark was This is a bizarre twist to a bizarre long-running adjusted Ebitda and revenue of US$740m–
necessary to meet the minimum liquidity saga to rehabilitate Bausch Health, the former $780m and US$3.75bn–$3.80bn.
requirement on a US$300m senior secured Valeant Pharmaceuticals.
bank loan LumiraDx put in place on its After the B+L IPO, Bausch Health is still
merger with CA Healthcare Acquisition in B+L shares fell 1% on Wednesday to US$15.14, lugging some US$20bn of debt, levering it
September last year after failing to land new below the US$18 IPO price but suggesting at roughly 7.9 times its 2022 adjusted Ebitda
PIPE funding. investors took the news in their stride. guidance of US$3.225bn–$3.375bn.
LumiraDx shares fell 14.9% over the two- By quick way of recap, Bausch Health in May Under terms of the B+L term loan agreement,
day marketing period to US$2.11 and closed opted to sell a downsized 35m shares in the IPO the parent will have to reduce total leverage to
Thursday’s session post-pricing at US$1.33. below the US$21–$24 range at US$18, a 10% 7.6-times for B+L to become an unrestricted
stake, in hopes of selling another 10% stake at a subsidiary and thereby allowing it to be fully
Goldman Sachs, Evercore, SVB Securities and premium and completing the tax-free spin of the spun off.
Raymond James placed 43m shares 80% residual stake to shareholders in 2023. Stephen Lacey
Wednesday night at US$1.75, a slight
increase from the 40m shares marketed and another US$41.5m from a royalty agreement interest rates by the US Federal Reserve at
allowing the company to meet the in April. the FOMC meeting on Tuesday and
minimum liquidity requirement. Wednesday.
LumiraDx is planning to seek regulatory
The Bill & Melinda Gates Foundation approval for three diagnostic tests, Regular way funding activity saw US
invested US$25m through the concurrent expanding upon a point-of-care Covid-19 corporations last week raise US$1.55bn, the
private placement. platform that has more than 25,000 kits bulk of that being a US$1bn block sale by
installed in nearly 100 countries. It has an cruise ship operator CARNIVAL overnight on
The minimum liquidity test is on a agreement in place with The Bill & Melinda Wednesday.
quarterly basis, requiring US$375m at June Gates Foundation to provide testing services
30 and US$300m at September 30. In in Africa. Carnival closed Thursday’s session at
addition to the money raised last week, US$9.85, just below the US$9.95 reoffer
LumiraDx secured US$56.5m from the sale AMERICAS price on the block sale of 102.1m shares and
of a private convertible bond in March and down 11.2% on the day.
UNITED STATES
US EQUITIES The cruise ship operator is using the
BOOKRUNNERS: 1/1/2022 TO DATE ECM ACTIVITY SLOWS AMID proceeds to pre-fund its 2023 debt
CORPORATE EARNINGS maturities. The decision to sell stock was
Managing No of Total Share surprising given that Carnival had already
bank or group issues US$(m) (%) ECM activity remains subdued amid funded the 2023 maturities, totalling
blackouts surrounding second-quarter US$562.5m, with US$1bn raised from the
1 JP Morgan 34 4,124.34 16.2 earnings and ahead of likely hikes to sale of high-yield debt in May.
2 Morgan Stanley 27 3,314.51 13.0 Biotech/healthcare companies were
responsible for the rest of the money raised
3 Bank of America 33 3,264.11 12.8 in ECM last week.
4 Citigroup 16 2,560.25 10.1 REVOLUTION MEDICINES, a cancer-focused drug
developer, and the liver disease-focused
5 Goldman Sachs 17 1,905.80 7.5 VERVE THERAPEUTICS seemingly paid a high
6 Jefferies 20 1,196.58 4.7
7 RBC 10 1,105.83 4.3
8 Wells Fargo 15 999.17 3.9
9 Barclays 10 697.12 2.7
10 Evercore Partners 11 621.76 2.4
Total 154 25,437.71
Including all domestic and international deals and rights issues
Source: Refinitiv SDC code: C3r
64 International Financing Review July 23 2022
STRUCTURED EQUITY
price for the US$230m and US$225m raised US$20.00, the bottom of the US$20–$21 CONlDENTIALLYûMARKETINGûWHATûWASûTOû
from stock sales, even though both offerings range marketed overnight and an 18.6% have been a US$200m equity raising.
WEREûUPSIZED discount to last sale.
After marketing overnight, they were
In the case of Revolution, its sale of 4HEûBANKSûCONlDENTIALLYûMARKETEDûTHEû ABLEûTOûINCREASEûSIZINGûSLIGHTLYûBYûPRICINGû
11.5m shares priced at US$20.00, an offering earlier on Tuesday before 8.3m shares at US$27.00, the bottom of
18.6% discount to the US$24.58 last sale publicly launching overnight marketing the US$27-$28 range marketed. The offer
ahead of pricing Tuesday. Verve’s sale of ATûAû53 MûlXEDûTARGET price came at steep 24.8% discount to the
8.3m shares at US$27.00 came at an even US$35.91 last sale price on Wednesday,
wider 24.8% discount to the US$35.91 last The overnight marketing saw though Verve shares gained 11.2% that
sale ahead of pricing Wednesday. oversubscription swell to four times, day while the deal was being
ALLOWINGûFORûTHEûINCREASEûINûSIZEûALBEITû CONlDENTIALLYûMARKETED
Revolution and Verve shares closed with allocations skewed towards existing
Thursday trading at US$23.60 and shareholders and new investors who Verve shares closed on Thursday at
US$32.81, 18% and 21.5% above where AGREEDûTOûPARTICIPATEûINûTHEûCONlDENTIALû US$32.81.
they sold stock and putting combined marketing.
aftermarket gains at nearly US$90m. The company is working with Vertex
Revolution shares closed on on new gene editing treatments for a
Revolution and Verve both pre- Wednesday at US$23.50. liver disease.
marketed their stock sales ahead of
pricing overnight, providing them Revolution last week reported early Vertex, a commercial stage biotech,
certainty of execution but arguably at results from a Phase Ib trial of a lung invested US$35m in Verve by purchasing
PRICE û"OTHûDIDûELECTûTOûUPSIZEûFROMûTHEû cancer drug it is developing in 1.52m shares at US$23.03 in a private
53 MûlXEDûSUMûEACHûHADûTARGETED û collaboration with Amgen, highlighting placement. The purchase price was set at
so a price they were willing to pay. seven out of 11 patients in the trial THEûlVE
DAYûTRAILINGû67!0ûFROMûWHENû
showed improved symptoms. the collaboration was signed on July 15.
)NûWHATûWASûAûRESCUEûlNANCING û
LUMIRADX saw its shares crater 37% to It plans to provide a full readout of the The equity investment was part of a
US$1.33 in Thursday trading after the Phase Ib trial at an industry conference LARGERû53 MûlNANCIALûCOMMITMENTûBYû
Covid-19 test maker raised US$100m, next month. Vertex, including US$25m of upfront
including US$25m from The Bill & cash, as part of the collaboration.
Melinda Gates Foundation and the rest by Revolution is working on four other
selling stock publicly. cancer drugs. After launching a Phase I Verve could collect up to US$340m
trial on one of those drugs in June, it is based on milestones achieved in
To meet that target, the company planning a second Phase I trial on developing the drug and is also entitled
UPSIZEDûTHEûNUMBERûOFûSHARESûSOLDû another drug later this year and two to a single-digit percentage of
publicly to 43m, from 40m, at US$1.75, a others in 2023. commercial sales. The royalty agreement
17.1% discount to the US$2.11 last sale allows Verve to increase its split of
ahead of pricing Wednesday. Revolution now has roughly US$750m commercial sales up to 40% if it pays
of cash to fund those trials. more of the development costs.
LumiraDx, which went public in
September last year by merging with a The stock was trading at US$16 a share Between the Vertex collaboration and
SPAC, needed to raise at least US$100m just one month ago. Considering the stock sold, Verve now has a nearly
to meet minimum liquidity requirements biotech sector’s 20% surge in the past US$650m cash pile.
under a US$300m credit facility it put in month, investors’ disciplined approach
place to fund operations after the SPAC TOûPRICEûNEGOTIATIONSûSEEMSûJUSTIlED STRUCTURED EQUITY
merger.
VERVE UPSIZES TO US$225m DESPITE UNITED STATES
STEEP CONCESSION
AVAYA AVERTS LIQUIDITY CRISIS WITH
REVOLUTION GOES OVER THE WALL Gene editing specialist VERVE THERAPEUTICS PRIVATE CB
FOR EQUITY RAISEDûANûUPSIZEDû53 MûFROMûAûSTOCKû
sale late on Wednesday, in a deal AVAYA, the customer service software
Cancer drug developer REVOLUTION marketed on an overnight basis and provider, last month supplemented a
MEDICINESûRAISEDûANûUPSIZEDû53 MûLATEû launched simultaneously with the US$350m senior secured term loan with
on Tuesday from an overnight stock sale announcement of a collaboration with
but paid a heavy price for the new Vertex Pharmaceuticals.
capital.
JP Morgan, Jefferies, Guggenheim Securities
JP Morgan, Cowen and Guggenheim and William Blair shared details of the
Securities placed 11.5m shares at collaboration with investors by
ECM DEALS: WEEK ENDING 22/7/2022
Stock Country Date Amount Price Deal type Bookrunner(s)
A$1.7bn A$18.90 Follow-on (Primary) Macquarie, UBS
Australia and New Zealand Banking Australia 21/07/2022 W200bn W35,000 IPO (Primary/Secondary) Samsung Securities
€200m €4.75 IPO (Primary) Barclays, Santander, Societe Generale, JB CM
Soosan Industries South Korea 19/07/2022 £184m £34.40 Accelerated bookbuild (Primary) Investec
US$75.3m US$1.75 Follow-on (Primary) GS, Evercore, SVB Securities, Raymond James
Opdenergy Spain 21/07/2022 US$1,016.3m US$9.95 Accelerated bookbuild (Primary) Goldman Sachs
US$230.0m US$20.00 Accelerated bookbuild (Primary) JP Morgan, Cowen, Guggenheim Securities
Dechra Pharmaceuticals UK 20/07/2022 US$225.0m US$27.00 Accelerated bookbuild (Primary) JP Morgan, Jefferies, Guggenheim Securities,
William Blair
LumiraDX UK 20/07/2022
Carnival US 20/07/2022
Revolution Medicines US 19/07/2022
Verve Therapeutics US 20/07/2022
International Financing Review July 23 2022 65
a US$250m private exchangeable bond, 4HEûHIGH
COSTûlNANCINGûADDSûABOUTû TOWARDSûNEGATIVEû ûCASHmOWûFROMû
using the combined proceeds to US$200m of liquidity to Avaya to offset operations for the year and expects
repurchase a portion of a 2.25% public losses as it transitions operations from revenue from the cloud to nearly double to
convertible bond maturing next year. legacy systems to the cloud. It has guided US$1bn.
It is paying SOFR+10% on the term loan GLOBAL CONVERTIBLE OFFERINGS GLOBAL CONVERTIBLE OFFERINGS – US
ANDû ûONûTHEûNEWûlVE
YEARû#"û BOOKRUNNERS: 1/1/2022 TO DATE BOOKRUNNERS: 1/1/2022 TO DATE
convertible at share prices above
US$4.30. Managing No of Total Share Managing No of Total Share
bank or group issues US$(m) (%) bank or group issues US$(m) (%)
Avaya had planned a US$500m
standalone term loan when it launched 1 Citic 7 2,816.55 9.7 1 Goldman Sachs 10 2,018.92 23.3
THEûlNANCINGûINûEARLYû*UNE ûADDEDûWHATû 2 China Securities 9 2,769.50 9.5
was to have been a US$150m 3 Huatai Securities 8 2,424.44 8.3 2 JP Morgan 11 1,902.45 22.0
exchangeable in late June, and increased 4 Goldman Sachs 11 2,195.27 7.5
THEûSIZEûTOû53 MûCOMBINEDûATûCLOSINGû 5 JP Morgan 13 2,187.45 7.5 3 Bank of America 6 1,007.06 11.6
due to “increased demand”. 6 Morgan Stanley 8 1,289.09 4.4
7 Huaan Securities 1 1,043.51 3.6 4 Morgan Stanley 6 918.75 10.6
Exchangeable buyer Brigade Capital 8 Guotai Junan Secs 7 1,009.34 3.5
Management holds registration rights. If 9 Bank of America 6 1,007.06 3.5 5 Jefferies 3 469.06 5.4
the New York hedge fund does convert, it 10 China Merch Secs 3 942.94 3.2
will own a roughly 40% stake in Avaya 114 29,139.77 6 Barclays 4 385.00 4.4
and in a worst-case scenario has a secured Total
claim. 7 Wells Fargo 4 353.75 4.1
Avaya shares now fetch US$2.50, so 8 Credit Suisse 4 318.75 3.7
SUFlCEûITûTOûSAYûTHEûlNANCINGûDIDûNOTû 9 Citigroup 3 268.75 3.1
suit all shareholders disappointed
with an ongoing operational 10 Truist Financial 2 168.75 1.9
turnaround. Total 21 8,660.22
Including exchangeables and domestic offerings. SDC code: C9 Source: Refinitiv SDC code: C9a
Source: Refinitiv
ALL INTERNATIONAL ASIAN CONVERTIBLES ALL INTERNATIONAL ASIAN CONVERTIBLES
BOOKRUNNERS: 1/1/2022 TO DATE
(EXCLUDING JAPAN)
Managing No of Total Share BOOKRUNNERS: 1/1/2022 TO DATE
bank or group issues US$(m) (%)
Managing No of Total Share
1 UBS 2 312.93 24.3 bank or group issues US$(m) (%)
2 Credit Suisse 3 197.42 15.3
GLOBAL CONVERTIBLE OFFERINGS – EMEA 3 Goldman Sachs 1 176.36 13.7 1 UBS 2 312.93 27.5
BOOKRUNNERS: 1/1/2022 TO DATE =3 Morgan Stanley 1 176.36 13.7
5 HSBC 2 162.42 12.6 2 Credit Suisse 3 197.42 17.4
Managing No of Total Share 6 Daiwa Securities 1 149.77 11.6
bank or group issues US$(m) (%) 7 Yuanta Finl Hldg Co 1 62.50 4.9 3 Goldman Sachs 1 176.36 15.5
1 JP Morgan 250.00 25.6 8 JP Morgan 1 35.00 2.7
=1 Evercore Partners 1 250.00 25.6 9 Taylor Collison 1 7.98 0.6 =3 Morgan Stanley 1 176.36 15.5
3 Morgan Stanley 1 10 Henslow 1 3.03 0.2
4 HSBC 1 193.99 19.9 9 1,286.80 5 HSBC 2 162.42 14.3
=4 BNP Paribas 1 94.25 9.6 Total
=4 Rabobank 1 94.25 9.6 6 Yuanta Finl Hldg Co 1 62.50 5.5
Total 1 94.25 9.6
3 976.74 7 JP Morgan 1 35.00 3.1
8 Taylor Collison 1 7.98 0.7
9 Henslow 1 3.03 0.3
=9 MST Finl Services 1 3.03 0.3
Including exchangeables. Total 8 1,137.03
Including exchangeables. SDC code: C09d Source: Refinitiv SDC code: M10 Including exchangeables. SDC code: M11
Source: Refinitiv Source: Refinitiv
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International Financing Review July 23 2022 67
INTERNATIONAL FINANCING REVIEW INDEX
3i Group 53 GEM 61 Ningbo Shanshan 61
Aareal Bank 29 NN Investment Partners 20
Aflac 50 GigaCloud Technology 60 Norgine 56
Ahli United Bank 51 Norwegian Cruise Line
Airbus 52 Goldman Sachs 10, 11, 13 Onewo Space-Tech Service 3
Alrosa 43 Opdenergy 60
America Movil 46 Gotion High-Tech 61 Pampa Energia 63
AMTD Digital 60 Patagonia 45
Amvest Residential Core Fund 52 Guangzhou Development District Investment Group 41 Pepper Money 46
Ares Management 57 Pepper PRS33 37
AU Small Finance Bank 61 Hanger 57 Pets at Home 37
Australia and New Zealand Banking Group 59 PharmaSGP 54
Avaya 65 HDB Financial Services 61 Plus Digital Technologies 52
Banca del Fucino 32 Polyus 60
Bank Leumi 44 HDFC Bank 61 Redexis 43
Bank of America 10, 11, 13 Revolution Medicines 53
Bank of Montreal 28 HDFC Securities 61 Roper Technologies 64, 65
Bausch + Lomb 64 Royal Caribbean Cruises 57
Bausch Health 64 Henderson Land Development 49 Scentre Group
BBVA 34 Sky Royal Trading 3
Beijing Enterprises Water Group 50 Hess Corp 54 Solta Medical 48
Belarus 43 Sonovate 49
Blibli 61 Hess Midstream Operations 54 Soosan Industries 64
BNP Paribas 17 Sovcombank 35
BNY Mellon 27 Hillenbrand 54 Sula Vineyards 62
PCE Group 33 Suncorp Bank 43
Bunge 55 HoldCo 46 Taiwan Semiconductor Manufacturing 61
Cardenas Markets 56 Tekni-Plex 59
Carmila 52 HSBC 19 Thai Credit Retail Bank 41
Carnival 3, 64 Theramex 56
Carrier Global 50 Hyundai Oilbank 62 Together 62
CHG-Meridian 52 Toronto-Dominion 58
China Three Gorges 41 Imperial Brands 25 Toronto-Dominion Bank 32
China Vanke 60 Trafigura Group 28
Citigroup 10, 13 Indonesia Eximbank 50 Ukraine 30
Comdata 11 Unilever 49
Cornerstone Building Brands 30, 56 Inetum 11 Uniper
Coveris 51 Uniti Group 8
Credito Real 46 International Finance Facility for Immunisation 24 University of Melbourne 10
CSX 26 US Bancorp 18
Cummins 54 Interpath Advisory 19 Verve Therapeutics 48
Dechra Pharmaceuticals 63 Vietnam Prosperity Joint Stock Commercial Bank 26
Deutsche Bank 19 Italy 4 Virtus Health Australia 27
Deutsche Pfandbriefbank 30 VNG Corp 64, 65
Didi Global Jefferies Financial Group 15 Waste Management New Zealand 51
Edwards Lifesciences 7 Wells Fargo 58
Energy 55 John Deere 26 Wheaton Precious Metals 62
ETC Group 62 Wheelock Finance 51
Euromoney 56 JP Morgan 10, 11, 13, 17 Winnebago Industries 10, 27
EVA 57 Woodside Energy Group 55
Finsbury Food Group 50 Keda Industrial Group 61 World Bank 50
Fortum 53 Worldline 54
Frasers Group 18 KfW 18 Xtep International 48
FTAI Infrastructure 54 Yes Bank 24
Fucino RMBS 31 Kindred at Home 55 Zambia 10
Galileo Global Education 32 Zhangzhou Jiulongjiang Group 60
Gaming1 58 KKR 35 Zhongding (Hong Kong) 6
Gazprom 56 43
43 Konecta 11 41
68 49
Korea Hydro and Nuclear Power 41
KT Corp 42
Lamprell 53
Landesbank Baden-Wuerttemberg 30
La Trobe Financial 36
Lenovo Group 41
Lexmark International 49
Life Storage 55
Linmon Media 60
Lotte Property & Development 43
LumiraDx 64, 65
LXi REIT 53
MacMahon Holdings 48
Macquarie Securitisation 36
Manuchar 10
MBC Bidco 48
Mercuria Asia Group Holdings 50
Morgan Stanley 10, 11, 13, 27
Morrisons 10, 56
Motus 53
MTU Aero Engines 52
Naftogaz 8
Naqi Water 63
Nationwide Building Society 27
NatWest 17
NewDay 32
New Development Bank 23
New South Wales Treasury Corp 25
International Financing Review July 23 2022
THE SYNDICATE
A PODCAST FROM IFR
IFR’s podcast series looks back at some of the
biggest – and most ground-breaking – deals in
capital markets history
The Syndicate begins with Google’s 2004 initial public offering, a deal that
tried – and failed – to revolutionise the way companies go public.
Other episodes cover the first Eurobond from 1963, the disastrous sale of
BP shares in 1987, the securitisation of David Bowie’s back catalogue in
the late nineties, the first swap between the World Bank and IBM, as well
as the first-ever green bond.
Relive the drama, the tension and the wider legacy of each deal through
the people that made them happen.
LISTEN NOW VIA ALL MAJOR PODCAST PLATFORMS
DISCOVER TRENDS
IN M&A AND CAPITAL
MARKETS
Alongside market data via
the Deals Intelligence app
in Refinitiv Workspace.
REQUEST PRODUCT DETAILS
refinitiv.com/workspace-investment-banking
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With $6.25 billion in
revenue, over 40,000 customers and 400,000 end users across 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide
information, insights and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform
with best-in-class data and expertise, we connect people to choice and opportunity – driving performance, innovation and growth for our customers and partners.
An LSEG Business
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IFR Magazine 23.07.2022
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