| Issuer: | Atlantic Broadband Finance LLC
|
| Size/structure: | $1.06 billion senior secured credit facility comprised of a $50 million five-year revolver (Ba3/B+) at Libor plus 400 bps, 1.25% Libor floor, OID 99; a $660 million seven-year first-lien term B (Ba3/B+) at Libor plus 400 bps, 1.25% Libor floor, OID 991/2, 101 soft call; and a $350 million 71/2-year second-lien term loan (Caa1/B-) at Libor plus 850 bps, 1.25% Libor floor, OID 991/4, non-call one, 103, 102, 101
|
| Lead banks: | Credit Suisse Securities (USA) LLC
|
| Proceeds: | Refinance debt and fund a dividend
|
| • Notable because it was one of the first deals of the year to have a portable capital structure - meaning it has a permitted change-of-control definition
|
|
|
| GETTY IMAGES INC.
|
| Issuer: | Getty Images Inc.
|
| Size/structure: | $2.05 billion senior secured credit facility comprised of a $150 million five-year revolver and a $1.9 billion seven-year covenant-light term loan B at Libor plus 350 bps, step-down to Libor plus 325 bps when total leverage is less than 5.3 times, 1.25% Libor floor, OID 99, 101 soft call
|
| Lead banks: | Barclays, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and RBC Capital Markets LLC
|
| Proceeds: | Help fund buyout by the Carlyle Group and management from Hellman & Friedman
|
| • Notable because it was a big, levered LBO that achieved great pricing
|
|
|
| FORTESCUE METALS GROUP
|
| Issuer: | Fortescue Metals Group
|
| Size/structure: | $5 billion five-year covenant-light senior secured term loan (Ba1/BB+/BBB-) at Libor plus 425 bps, 1% Libor floor, OID 99, 101 soft call
|
| Lead banks: | Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC
|
| Proceeds: | Refinance debt and provide additional liquidity
|
| • Notable because of its sheer size. One source thought it might be largest term loan seen since 2007, while another source said it was the largest deal of the year and a new benchmark for size
|
|
|
| KLOECKNER HOLDINGS SCA
|
| Issuer: | Kloeckner Pentaplast
|
| Size/structure: | $500 million credit facility (Ba3/B) comprised of a $65 million revolver and a $435 million term loan at Libor plus 550 bps, 1.25% Libor floor, OID 98, 101 soft call
|
| Lead bank: | Jefferies & Co.
|
| Proceeds: | Recapitalization
|
| • Notable because the company was able to recapitalize in the summer to avoid bankruptcy around first-lien lenders and then was able to reprice the term loan by October at Libor plus 450 bps, 1.25% Libor floor, 101 soft call
|
|
|
| HAMILTON SUNDSTRAND INDUSTRIAL
|
| Issuer: | Hamilton Sundstrand Industrial
|
| Size/structure: | $1.975 billion senior secured deal (B1/B+) consisting of a $300 million five-year revolver and a $1.675 billion seven-year covenant-light term loan B at Libor plus 375 bps, 1.25% Libor floor, OID 99
|
| Lead banks: | Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., RBC Capital Markets LLC, UBS Securities LLC and Goldman Sachs & Co.
|
| Proceeds: | Fund buyout by BC Partners and Carlyle Group from United Technologies Corp.
|
| • Notable because it pushed boundaries on leverage while garnering huge oversubscription
|
