EuroWeek hears that SG has the sole lead arranging mandate for a $110m acquisition financing for Vallourec, a specialist tube company. The firm has made an acquisition in the US.
Sole mandated arranger Natexis Banques Populaires has closed and signed syndication of the Eu44.5m seven year credit for Groupe Valdunes.
The deal was oversubscribed by around 33% in selldown.
The transaction comprises a Eu30.55m seven year amortising term loan paying 225bp over Euribor and a Eu14m seven year bullet paying 200bp.
Final allocations are as follows: Natexis took Eu8.55m and senior lead managers KBC Bank and IKB Deutsche Industriebank took Eu8m apiece. Lead manager SG took Eu5.5m. Managers taking Eu3.25m are Banque Scalbert Dupont, CEPME, Crédit Agricole du Nord and Fortis Bank.
Caisse d'Epargne de Flandre came in as a participant with a final take of Eu1.5m.
General syndication of the Eu4bn loan for A3/BBB+ rated Bombardier is progressing, although some banks are having to work hard on the deal with its large tickets sizes, complexity and what some have called tight pricing.
Three tickets have been offered in general syndication: senior co-arrangers taking Eu100m for 16.5bp; co-arrangers committing Eu75m for 15bp; and lead managers taking Eu50m for 12.5bp.
The facility is split into a Eu650m one year tranche which carries an out-of-the-box margin of 35bp and a Eu3.35bn five year portion that offers an initial margin of 42.5bp. Both margins ratchet according to a ratings grid.
Utilisation fees of 2.5bp are charged if over 33.3% of the loan is drawn and 5bp for drawings over 66.6%. The commitment fee is 45% of the applicable margin.
Arrangers BayernLB, BNP Paribas (joint bookrunner), Commerzbank, Deutsche Bank (joint bookrunner), Dresdner Kleinwort Wasserstein and HSBC (joint bookrunner) argue that with much of the deal attracting a 50% risk weighting, the actual yield is considerably higher than at first sight.
Observers say a number of early commitments have been received on the Eu240m five year facility backing Seche Environnement's merger with Tredi Environnement.
Banks have been invited to join the loan taking Eu20m for 85bp and Eu12.5m for 60bp, with arrangers Royal Bank of Scotland (joint bookrunner and agent), BNP Paribas (joint bookrunner) and Crédit Agricole de L'Ile de France requesting replies by June 18.
The loan is split into a Eu69m five year revolver of new money, a Eu26m five year loan refinancing existing Seche debt, a Eu90m piece refinancing existing Tredi debt, a Eu30m five year capex loan and a Eu25m revolver.
The facility has an out-of-the-box margin, which ratchets on a net debt to Ebitda grid, of 200bp over Libor across all tranches.
Responses to invitations to sub-underwrite the debt facilities supporting the Cinven-led buy-out of Vivendi Publishing's professional and health information divisions are coming in, with the bulk of replies expected in today (Friday).
UBS Warburg is arranging the Eu292m of debt for the Eu486m sale of Vivendi's Aprovia business as well as the Eu316.5m facility for the Eu578m sale of Vivendi's MediMedia business.
Banks have been invited to commit a sub-underwriting ticket of Eu50m for 140bp across both facilities.
The financing for MediMedia is split into the following tranches: a Eu150m seven year term loan 'A' with a margin of 225bp over Euribor; a Eu36.5m eight year bullet loan offering 275bp; a Eu110m nine year term loan 'C' paying 325bp; and a Eu20m seven year bullet term loan which carries a margin of 225bp.
The debt for Aprovia comprises a Eu130m seven year amortising term loan offering 225bp, a Eu45m eight year bullet loan with a margin of 275bp, a Eu67m nine year term loan 'C' offering 325bp and a Eu50m seven year bullet loan paying 225bp.
MediMedia has an adjusted net debt to Ebitda ratio of 4.49 times and Aprovia has a net debt to Ebitda ratio of 4.12 times.
EuroWeek hears that BNP Paribas and Deutsche Bank are close to a mandate for TF1, the French television channel.
No further details have been released at this stage.
The company last tapped the syndicated loan markets in 1999 through ABN Amro and Crédit Lyonnais for a Ffr2bn reducing revolving credit.
That seven year deal was its debut in the Euroloan market and paid a margin of 27.5bp over Euribor.
The transaction also offered a commitment fee of 12.5bp and a utilisation fee of 2.5bp if more than 50% of the credit were to be drawn down.
In general syndication, senior lead managers were offered an 11bp participation fee for commitments of Ffr200m and lead managers 8bp for Ffr125m.
SG and Credit Suisse First Boston have signed in the four sub-underwriters into the Eu221m senior debt facility backing the buy-out of specialist food company Moliflor Loisirs by Legal & General and Royal Bank Private Equity.
The four are BNP Paribas, Scotiabank, Bank of Ireland and HVB. Sub-underwriting closed oversubscribed with banks invited to join with tickets of Eu35m for a 40bp underwriting fee and a 9bp participation fee.
Senior debt is divided into a Eu136m term loan 'A' with a margin of 225bp over Euribor, a Eu40m nine year bullet loan that pays 275bp, a Eu40m 10 year bullet with a margin of 325bp and a Eu5m revolver that is not being syndicated.
Intermediate Capital Group is arranging an Eu80m mezzanine facility.
The arrangers are set to launch general syndication imminently.
EuroWeek hears that EdF Trading is set to make its debut in the loan markets with a Eu250m revolving credit facility.
Banks believed to be close to the mandate are Barclays Capital, Crédit Agricole Indosuez and Deutsche Bank.
EdF Trading is a core component of the EdF group and operates across European electricity, oil, natural gas coal and freight markets.
