Western Refining enters third amendment to term loan credit agreement

U.S.-based Western Refining Inc. amended its term loan credit agreement for the third time, permitting additional dividend, stock buyback and other restricted payment capacity in an amount of up to $200m.

Further, the amended agreement providing that $200m of incremental term loan capacity may be used to incur additional term loans or bonds.

Source: Reuters

Team Health Holdings, Inc. reprices its term loan B

U.S.-based physician services provider Team Health Holdings, Inc., through its subsidiary, Team Health, Inc., refinanced its existing senior secured Term Loan (tranche B) at $1.312bn. The transaction was led by JP Morgan.

Interest rate on the amended Term Loan was Libor plus 3.00% from LIBOR plus 3.75% (floor of 75 basis points).

The loan matures on 23 November 2022. The issuance reduces the company’s annual cash interest payments by approximately $9.8m.

Source: PRNewswire

Cengage eyes $1.59bn loan for debt repayment and dividend recap

U.S.-based higher education publisher is seeking to raise a $1.59bn term loan B, as well as $740m in senior unsecured debt, proceeds of which would be used to refinance approximately $2bn of existing secured debt and fund a shareholder dividend.

Morgan Stanley, Credit Suisse,  BMO Capital Markets, Citigroup,, Goldman Sachs, Wells Fargo, Deutsche Bank, and KKR Capital Markets are arranging the loan.

Source: Leveraged Loan

Dell finalizes $16bn of investment-grade debt

According to sources, computer manufacturer Dell plans to issue about $16bn of secured bonds to finance its $67bn acquisition of data storage products manufacturer EMC.

Dell would upsize the issuance further depending on investor appetite. The company could downsize the $8bn term loan B that backs the debt of c. $49bn financing the acquisition, if investor demand is sufficient.

The company is also in talks with banks to upsize its $7bn term loan A which is part of the debt financing the acquisition.

Pricing of the 3-year term loan A was 200bps over Libor and that for the 5-year term loan B was 250bps over Libor.

Debt of $49.5bn outlined to finance the acquisition comprised of a $8bn Term Loan B, $3.5bn of term loan A1 and A2, a $2.5bn acquisition facility and $3bn revolver.

Further, $16bn of secured notes, $9bn of unsecured notes and a $4.9bn bridge financing facility are also part of the debt financing the acquisition.

Source: Reuters




General Growth Properties raises $1.4bn term loan

U.S.-based real estate firm General Growth Properties Inc raised a $1.4bn senior secured term loan backed by 15 of its properties as collateral.

U.S. Bank, a Minneapolis-based bank, led the transaction along with 15 other lenders.

Source: Businesswire



Diebold acquires a 69.9% stake in Wincor Nixdorf

U.S-based software services provider Diebold Inc. acquired a 69.9% stake in Wincor Nixdorf through its takeover offer which ended on 12 April 2016. Diebold would acquire the remaining shares in a transaction that is expected to close out in mid-2016.

Diebold’s voluntary offer had exceeded the minimum acceptance rate of 67.6% post the expiry of the additional acceptance period in which 22.8m Wincor Nixdorf shares had been tendered. In addition, Diebold held voting proxies for 241,324 of Wincor’s shares. Together, the number of shares and voting proxies represented approximately 69.9% of the share capital and voting rights in Wincor.

Previously, Diebold had issued a $1bn TLB facility towards financing the acquisition.

Source: PRNewswire

Diebold Inc. completes allocation and pricing of its Term Loan B facility

Diebold Inc. announced the pricing and allocation of its previously disclosed $1bn Term Loan B facility. Proceeds from the issuance would be utilized towards financing its previously announced acquisition of Wincor Nixdorf Aktiengesellschaft and to repay debt.

The U.S. dollar-denominated tranche of the loan will bear interest at Libor plus an applicable margin of 4.50% (or, at Diebold’s option, prime plus an applicable margin of 3.50%), and the €350m tranche will bear an interest of Euribor plus an applicable margin of 4.25%.

Source: StreetInsider