Banks will be signed in over the next few days on the buy-out of Celanese. Morgan Stanley, Deutsche Bank and Bank of America are arranging the Eu1bn equivalent senior loan facilities.
The deal consists of a Eu312m multi-currency revolver which pays Libor plus 250bp, a Eu187.5m letter of credit facility and a Eu500m term loan ?B? paying Libor plus 250bp with a 25bp step down option.
European banks and institutions have been allocated up to Eu150m of the term loan ?B?.
The ?B? facility was reverse flexed from 275bp because of an oversubscription of several times.
Blackstone bought the company in April, although it made its recommended offer in December. ABN Amro, GE Capital and HVB are co-documentation agents on the senior debt.
BASF has signed banks into its $2.5bn revolver, arranged by joint bookrunners Dresdner Kleinwort Wasserstein, HSBC and JP Morgan.
The arrangers are ABN Amro, BBVA, Bank of America, Banque Générale du Luxembourg, Barclays Capital, BayernLB, BNP Paribas, Citigroup, Commerzbank, Deutsche Bank, DZ Bank, HVB Group, Landesbank Baden-Württemberg, Morgan Stanley, Royal Bank of Scotland and SG.
The co-arrangers are Bank of New York, Bank of Tokyo-Mitsubishi, Helaba and Sanpaolo IMI.
Publishing firm Georg von Holtzbrinck has signed banks into a Eu850m deal, led by bookrunners Commerzbank, HVB Group and Landesbank Baden-Württemberg. Deutsche Bank, Dresdner Kleinwort Wasserstein, HSBC and Royal Bank of Scotland are also mandated lead arrangers.
BW Bank, BayernLB, DZ Bank, KfW and WestLB joined the deal in syndication.
The loan is split between a Eu400m three year revolver, a Eu400m three year term loan and a Eu50m swingline facility. It will refinance bilateral lines and provide medium term financing for growth and potential acquisitions.
The Eu11bn 364 day facility for Volkswagen has raised Eu13bn in syndication but will not be increased. Banks will sign in next Wednesday, June 23.
The bookrunners are Barclays Capital, BNP Paribas, Commerzbank and JP Morgan. ABN Amro, Citigroup, Calyon and Dresdner Kleinwort Wasserstein are the other mandated lead arrangers.
