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refile-update 1-banks line up €1.75bn loan for advent’s evonik unit buy - clear acrylic sheet

by:Cailong     2019-08-07
refile-update 1-banks line up €1.75bn loan for advent’s evonik unit buy  -  clear acrylic sheet
(Fixes typo)
London, Claire Lukin, March 26 (LPC)-
Eight banks have already lined up for about 1 euro.
Bank sources said on Tuesday they provided 75 bn leveraged loans to support private equity firm Advent's acquisition of the acrylic plastics division of German chemical group Evonik.
Evonik announced on March 4 that it agreed to sell its transparent acrylic sheet at the price of 3bn euros, compared with 2bn-€2.
5bn has been expected.
Bankers say Barclays, Deutsche Bank and Goldman Sachs, as well as Bank of America Merrill Lynch, Bank of China, HSBC, NatWest Markets and Royal Bank of Canada, are leading underwriting financing.
About 1 euro.
Including 75 bn senior leveraged loans for 1 euro.
49bn term loans B and undrawn loans will initiate joint investments to leveraged loan investors within a few months.
Advent got 1 euro.
5bn unit loan-
A mix of senior and junior debt --
GSO, the credit arm of Blackstone, a private equity firm, will be by far the largest unitranche loan.
However, bankers say Advent has rejected GSO's offer in favor of cheaper underwriting syndicated loans.
Declined to comment.
With a lot of money flowing into the fund sector, unitranche loans have become a viable competitor to the syndicated loan market, which has caught up on many occasions.
Borrowers are happy to have different types of lenders competing with each other in order to get the best possible financing in terms of pricing, structure and documentation, both markets are relaxed.
Unitranche loans are marketed as a "one-stop" for financing, enabling borrowers to negotiate and process with only one financier.
Underwriting loans can be 3%-
5% cheaper than unitranche loans, up to 10%
12% cheaper than other forms of private debt.
Another benefit of syndicated loans is that if the company wants to further explore the debt market or need ancillary services, it will give the company a lot of banking relationships.
The company has 18 production bases and 3,900 employees worldwide.
From 2016 to 2018, the business generated an average of about 350 euros of Ebitda per year, with sales of about 1 euro. 8bn.
Evonik expects 2019 of sales to reach a similar level as Ebitda. (
Editor Christopher manham)
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