Rbc Bridge LoanLoan bridge Rbc
New York, April 19 (LPC) - US grocery contractor Hearthside Food Solutions' debt-financed acquisition by Charlesbank Capital Partners and Partners Group of Charlesbank, a privately held investment firm, is backed by $1.645 billion in debt from three trusted financial resources. According to the source, Charlesbank and Partners Group is purchasing Hearthside for an intrinsic value of approximately $2.4 billion from Goldman Sachs and Vestar Capital Partners.
Funding consists of a USD 150 million non-recourse credit line, a USD 1.12 billion senior secured loan and an USD 375 million uncovered bridging loan, which will be substituted by a perpetual loan. According to the source, the Group' s operations will comprise Goldman Sachs, Barclays, Nomura, Antares, credit Suisse, RBC and Jefferies.
They said Goldman Sachs will manage the term loan and Barclays will manage the bridge loan and any loan. The Goldman Sachs, Barclays, Jefferies, Nomura, Antares, Credit Suisse and Partners Group rejected the comments. Hearthside's debt ratio over the life of the loan will be 5.25-fold, and 7.0-fold on Ebitda for the last 12 months, or approximately $213 million in income before interest, tax, interest, depreciation expense and amortisation, according to the source.
Capital resources, on the basis of the USD 2.4 billion consideration, will amount to at least USD 905 million or 38% of capital resources, excluding incidental charges that will eventually lead to a higher capitalization. In 2014, Goldman Sachs and Vestar purchased Hearthside for $1.1 billion from the Wind Point Partners boutique and partially expanded the businesses through acquisition, among them Standard Functional Foods Group in 2017.
In 2017, RBC managed a number of cutting-edge deals in North and South America, such as Fort McMurray West Transmission and First Nations East Tank Farm, which could establish a benchmark for funding structure for large, sophisticated and missionary assets. In 2017, RBC managed a number of cutting-edge deals in North and South America, such as Fort McMurray West Transmission and First Nations East Tank Farm, which could establish a benchmark for funding structure for large, sophisticated and mission critical assettfolios.
The RBC Capital Markets functioned as exclusive book runner and leading agency for the Fort Hills East Tank Farm and demonstrated the relationship between Indian groups and industrial companies in funding. This transaction represents the biggest ever commercial transaction by a First Nation company in Canada and the first ever offer of bonds in Canada by a company wholly held by First Nations.
The First Nations ETF, consisting of the Fort McKay First Nation and Mikisew Cree First Nation groups of Aborigines, emitted C$545 million (US$424 million, US$9 million) of 4.1% senior securitized Notes due 2041 to support the purchase of a 49% interest in the East Tank Farm Alberta Bastumen project. More than three oversubscriptions were made and the valuation was in line with the original forecast.
Despite the purchase of part of the shares, more than 100% external funding was made. For four years, the EIB worked with the Alberta Electric System Operator (AESO) to help shape the Fort McMurray Fort, the first contract to be contracted as part of the AESO's highly competitive purchasing processes. Summit work came when RBC and CIBC served as the lead asset managers for a four-tranche C$1. 38 billion (US$1.08 billion) offer.
Mr. RBC served as lead placing agency for retail placements and Joint lead arranger for loan arrangements in conjunction with Engie North America and Axium Infrastructures on a U$16 billion 1,16 billion 50-year public-private venture with Ohio State Unversity (OSU). It is the biggest privatization of the power system by a US college. RBC served as brine book runner for a C$260 million (US$202.8 million) convertible loan for the Kent Hills TransAlta renewable power plant development in New Brunswick, Canada.
A number of improvements were made to the deal to meet the uniquely expanded and maintained needs of the operation, and the unvalued offer was only sold to a group of corporate sponsors. The RBC was also one of four financial institutions that provided almost a third of the C$5.5 billion (US$4.16 billion) for Kinder Morgan's Trans Mountain Line Extension Program.
Further important lending engagements were Alterra Power's 200 MW Flat Top Wind. Funding the AES Southland Repowering System has brought together a number of components and set a number of trending points to abandon in 2017 the most compelling electricity funding in the world's largest single procurement funding markets.
It is a 100% direct affiliate of AES and 100% owners of four different electricity generating plants totaling 1,394 MW, which together form the AES Southland Repowering Projects. It includes both banking and loan installments, enabling the sponsors to raise approximately $2.5 billion in aggregate assets, with good prices and maturities that complement each other and have worked together to optimize redemptions.
It includes a USD 521 million 10-year loan, a USD 300 million 10-year L/C and a USD 277 million three-year stand-by L/C. The transaction is subject to a maximum of USD 1.5 billion of interest. USD 1.475 billion of USD 1.475 billion of private placements were raised at 215 bp via Treasuries with a 2.3% listed return and 4.
In order to reach the high level of targeted capital raised in a cost-effective way, the sponsors and the co-ordinating Lead Arrangement used a hybride funding infrastructure consisting of 4 (a)(2) retail placements and 4 (a) borrowings. This was the biggest promissory note issued under the 4(a)(2) Private- Placement Ratio of USD 1,475 billion.
Financial liabilities include a 7.25-year fully amortizable variable-rate loan and a 19.75-year fixed-rate loan that will be fully amortized in years 7.25-19. 75, after the loan has been fully amortized. Sturdy cash flows were generated from the 20-year electricity procurement contract with Southern California Edison. As a result of the strength of the fundamentals as well as the loan book, the deal was very well accepted.
Bonds raised a combined amount of almost USD 3 billion in offers, enabling the instalment to be increased and prices to be streamlined. Funding was managed by MUFG as management agents, JP Morgan and Citigroup. In 2017, the renewable energy sector was in crisis as it was confronted with the unfamiliar effects of the fiscal reforms.
In spite of the uncertainties, sPower offered the first widely diversified back mortgage privately placed finance for nine different fiscal equities at a price. Funding supports a diversified project pipeline of 41 large-scale photovoltaic and offshore windpower plants with a total output of 565 MW. Debenture funding of USD 421.4 million followed the USD 853 million USD divestment of sPower to AES and Canada's mutual funds managers Alberta investment management Corp. for USD 853 million in the form of liquidation.
sPower' $300 million mid-sized credit facility was funded with the transaction through privately placed placements on 50% of the operational portfolios. Back leverages take the cash flows over the life of all PPAs (Power Purchase Agreements) without tails, a ballon designed to reach the contractually agreed cash flows beyond year 19. Acting as advisor, structure broker, and leader placing broker.
Educating the retail placements markets through several renewable energy-based fiscal capital structure, the EIB opened the markets to prospective issues that provide long-term asset finance with long-term purchase arrangements compared to medium-term banking products typically provided as funding for fiscal asset finance. Fort McMurray West 500 kV transfer in Alberta is a remarkable first transfer line acquired through the PF3 proces.
At C$1. 38 billion, the funding supporting the programme proved to be the biggest ever public-private partnership (P3) loan in Canada's long term and slightly exceeded the June 2011 C$1.37 billion Centre Hospitalier de l'Universite de Montreal (CHUM). Alberta Electric System Operator (AESO) has been commissioned by the Government of Alberta to conduct a tender procedure for the possibility to plan, construct, finance, own, run, maintain as well as rehabilitate the Alberta Electric System Operator (AESO) program.
Alberta PowerLine Ltd Partnership was founded by Alberta Utilities Ltd, a ATCO Group company, and Quanta Capital Solutions and won the first winning competition award. As soon as the property is operational, Alberta PowerLine will be eligible to receiving access fees from AESO to cover operational, servicing and refurbishment expenses, servicing debts and return on assets, provided that such fees are conditional upon the deduction of any nonavailability or non-performance.
4 ), a four-tranche transaction was launched to generate greater price pressure and lower overall funding costs. Specifically, the offer comprised one Series A installment of C$534.4 million due 2053, Series B installment of C$534.4 million due 2054 and Series C and D installments of C$146.5 million due September and June 2032.
Definitive debt/equity finance structures have been determined following the conclusion of a singular and extensive competitive finance procedure carried out during the final few months following the signing of the promoter agreements with the syndicate, AESO and RBC as finance advisors. The Grupo Aeroportuario de la Ciudad de México (GACM) has made progress in the leverage market by providing finance for the new Mexico City International Airport (NAICM), which will be the region's biggest infrastructural operation in the years to come.
The Group sold its biggest ever issuance of greenhouse gases in two tranches this year, for USD 4 billion. As a result of the transaction, Global Asset Management (GACM) was able to enhance its maturities by fully replacing a revolving credit facilities with long-term debt while financing the building. Under the agreement, a 10-year USD 1 billion instalment at a price of 3.875% and a USD 3 billion 30-year instalment at a price of 5.5% are included.
Marking the effective completion of the $6 billion financing requirement for the completion of the new terminal and the final chance for an investor to acquire the bonds for the major West Hemispheric metropolitan entrance harbour, the deal represents several landmarks for NAICM, Mexico and the Americas area.
It was the biggest US dollar US Dollars ever and the biggest airport-related loan in the Western Hemisphere in history. This was also the biggest 30-year singletranche issuance in Latin America and developing countries, as well as the biggest ever emission of greenhouse bonds in the world. Funding for the aerodrome comes from a range of different sources, with a total requirement of around 11 billion US dollars.
Those borrowings round off a further funding phase for the facilities, which have so far comprised a USD 1 billion loan in 2014, a further USD 3 billion line of credit in 2015 and USD 2 billion green loans from 2016. They continued this operation to benefit from a very sensitive issue windows, driven by a supportive macroeconomic environment, robust overall economic expansion, a balanced to peaceful fiscal stance, interest rate stabilisation, and an overall bullish stance in risky assets across the board, as well as a sound offering of high yield issues from developing countries supporting a long-term call from several investor groups.
NAICM carefully conducted an aggressive two-week pre-merger campaign with investors meeting in key Asian, European, North American and Mexican markets. The Macquarie and Techint group of sponsors completed the funding of the first Latin American electricity projects this year against the background of the recent US government reforms, a sales cycle, a shifting IPP regimen and the granting of a bridging loan.
Closing of the 915 MW Norte III CCGT in Juarez, Mexico, by Macquarie Capital and Techint and its bridge creditors. It comprises USD 716 million in debts, including a five-year loan of USD 675 million and a five-year letters of credit of USD 41 million in supporting toll and servicing tolls.
We also have an own funds instalment of USD 152 million. It is the last to be funded under the old Comision Federal de Electricidad (CFE) IPP scheme before the transition to market-based differential agreements. Funding was obtained in the middle of the Abengoa insolvency proceeding, so that the donors were able to save the entire scheme and the agreement with the state-owned electric utility CFE, which urgently needs energy in the north of the state.
Techint's EPC contractors took over the work already performed by Abengoa as an EPC trader in the course of the work. Despite the Abengoa emissions, the funding was approximately 25% underwritten. Funding comprised a new documentary facility that enabled creditors to transform a part of their five-year loan into a twelve-year loan upon completion and an additional facility to transform this new twelve-year loan into a twelve-year benchmark facility to mitigate funding exposure.
The SMBC and Natixis acted as co-ordinating arrangers and Bancomext, Crédit Agricole, GE, EDC, Norinchukin Bank, KDB, KfW and Intesa Sanpaolo acted as authorised arrangers for the deal. It enabled the five creditors of the USD 200 million bridge loan, who had tied themselves to the funding when Abengoa was the donor, to do so.
After Abengoa had not repaid the bridge loan, the Creditor Group mandated Carl Marks Advisors to support the sale of Abengoa's interest in the credit line in August 2016. For about two dozen years, Argentina had not signed a contract for the financing of a specific development before Stoneway Capital Corporation provided the state with a precursor contract in early 2017.
All in all, the firm raised slightly less than a billion US dollar, and the $500 million dollar early loan operation distinguished itself among the Latin American transactions by its rapid turnaround and pioneering character. This is the first Argentinean promissory note and the first non-recourse promissory loan in the nation in more than 20 years.
Stoneway, supported by the Nores familiy, Siemens and SoEnergy, signed USD 500 million of 10% senior collateralized debt in 2027 to support the construction of four single loop generating units near Buenos Aires with a total of 686.5 MW capability. In addition, the entity obtained a USD 115 million Siemens junior loan, a USD 25 million syndicated loan facilities from Crédit Agricole and a further USD 165 million of its 10% bond which matures in March 2027 in November.
It could be the first of many transactions in Argentina, which is in the midst of a number of changes that seem to stem from decade-long lockouts of major international economies. The Banco Ciudad has also taken over part of the funding. Aela Energia's maturing renewables funding in Latin America was sealed by the Aela Energia operation, which supports a pipeline of ready-to-build and operational properties in Chile.
Actis and Mainstream Renewable Electric, Aela, a joint enterprise, raised a substantial $595. It had been on the shelves for a while and there was a series of repetitions as the sponsoring group tried to optimize the organization. As well as the fact that the firm was able to combine a number of different greenhouse estates in different sites across the nation and refinance an outstanding loan from the China Development Bank, the 18-year-old attracted an impressive 18-year-old rating.
Due to its large scale and high costs, the Chilean renewables creditors were able to outperform the Chilean ones. A number of different restructuring initiatives, such as back-end capital, back-up PPPs to address wholesale volatility and a pre-COD exits facility for capital, will be used as an example of prospective investments by Chilean and Latin American venture capitalists to promote the development of renewables in the face of competing pricing and long-term funding issues.
It was financed by IDB Invest, SMBC, MUFG, Korea Development Bank, Caixabank and KfW IPEX-Bank. Value added tax was financed by Banco Santander Chile.