Merrill, Deutsche Lead HIT Buyout Merrill, Deutsche Lead HIT Buyout

Merrill Lynch and Deutsche Bank are leading a $453.4 million deal for HIT Entertainment, a London based children's entertainment company.

  • 15 Jul 2005
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Merrill Lynch and Deutsche Bank are leading a $453.4 million deal for HIT Entertainment, a London based children's entertainment company. The facility consists of a six-year, $77 million revolver and a seven-year, $376.4 million term loan "B." Pricing on the revolver is LIBOR plus 2 1/4% and LIBOR plus 2 1/2% on the "B."

The deal launched Wednesday afternoon and backs the leveraged buyout by Apax Partners. According to Moody's Investors Service the purchase was priced at 12.4 times LTM EBITDA or about 20% over premium trading value. Apax contributed about 50% of the financing with sponsor equity.

Moody's assigned a B1 rating to both tranches. It estimates that pro forma for the transaction and as of LTM at the end of April, leverage was about 6.5 times debt-to-EBITDA. Calls to HIT and Apax were not returned by press time.

  • 15 Jul 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,778 8 23.33
2 Citi 5,854 5 20.15
3 Goldman Sachs 4,763 3 16.39
4 Societe Generale 1,506 3 5.18
5 Rabobank 1,413 2 4.86

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 03 Apr 2017
1 Bank of America Merrill Lynch 27,433.88 76 12.99%
2 Citi 23,614.35 69 11.18%
3 Wells Fargo Securities 21,630.20 63 10.24%
4 JPMorgan 16,107.68 46 7.63%
5 Credit Suisse 12,216.35 32 5.78%