27 Jan 2021
ION Analytics has returned to the market with a $1.9bn-equivalent loan package to fund the combination of Dealogic with Acuris. It tried to sell this deal before the US presidential election but pulled it in the face of weakening sentiment and concerns over political stability. The structure of the issue is similar to last year’s offer, with a $850m dollar tranche and €865m in euros, both paying 425bp over Libor or Euribor, floored at 0.5% and 0% respectively. Price talk is 99 for the dollars and 98.5 for the euros. But it is
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By Owen Sanderson
26 Jan 2021
UK broadband company TalkTalk is marketing an add-on to its existing high yield notes, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave the existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares. TalkTalk is selling a £100m add-on to its 3.875% 2025s, through HSBC as sole physical bookrunner, joined by Barclays and NatWest Markets as glocos. The money will be used to pay down TalkTalk’s £98m of revolver drawings, and subsequently to cut the size of its revolving credit facilities
By Owen Sanderson
25 Jan 2021
Hellman & Friedman is looking to refinance the capital structure of portfolio company TeamSystem, as part of the sale of the firm from its seventh fund to its ninth, a transfer also recently completed by Verisure. Unlike Verisure, the fund switch isn’t accompanied by a monster dividend payment to the new fund, but the new deal will still jack up leverage levels.
JP Morgan is sole physical bookrunner and gloco on the deal, which comprises €1.15bn of secured bonds across a seven year non-call three fixed rate and seven year non-call one FRN. The bonds will be rated B+/B3/B-.The deal will relever the company substantially, taking it up to
Italian facility management company Rekeep signalled market appetite for the spicier end of high yield this week, issuing a €350m five year non-call two at 7.25%. This will trim the company’s sky high funding costs, paying for the redemption of its 9% 2022s.
By Owen Sanderson
21 Jan 2021
Barclays took out the bridge financing for TowerBrook and Warburg Pincus’s takeover of UK roadside assistance group The AA on Wednesday, selling a £280m five year bond at 6.5%.
The LBO, unusually, actually deleverages the company. The sponsors are putting in £261m of equity alongside the bond issue, to pay off an existing £541m bond.The AA was already running pretty hot, with senior leverage of 6.1 times Ebitda and leverage including the B2 notes, now being repaid,
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