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...Scotland, TSB and RBS have closed syndication of the senior facilities backing First Reserve's acquisition of the oil services business Abbot Group. The deal went free to trade in the secondary market on Friday.
Syndication included a successful structural flex, which cut US$75m from the original US $615m bridge to high-yield bonds--the same amount added to senior facilities.
Post flex the facilities feature US$1.625bn of senior tranches, including a term loan A paying 275bp over Libor, a term loan B paying 350bp and term loan C paying 375bp. A seven-year bullet funded synthetic letter of credit facility pays 275bp, as do unfunded tranches.
The financing also includes a US$540m equivalent 10-year secured bridge loan facility, which sources away from the deal said is priced as quasi mezzanine, reduced from an original US$615m.
Abbot Group is a UK-based oilfield services company that owns and operates onshore and offshore drilling rigs and provides drilling services to third parties. It operates in Europe, the Middle East, Russia, North and West Africa, and the Caspian Region.
Alliance Boots
TARGET NATION: UK
DATE ANNOUNCED: 25/04/07
DEAL TYPE: LBO
ACQUIRER: KKR
TOTAL VALUE: 10.0BN [pounds sterling]
ARRANGERS: DEUTSCHE BANK AND OTHERS
FINANCING: 9.02BN [pounds sterling]
Alliance Boots' debt arrangers Deutsche Bank, JPMorgan, Uni-Credit (HVB), Barclays, Citi, Banc of America, Merrill Lynch and RBS are lining up a deal to sell a substantial senior sub-tranche of the 9.02bn [pounds sterling] package supporting KKR's and Stefano Pessina's buyout of Alliance Boots.
However, confusion...
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