Fri 07/23/2021 12:07 PM
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UPDATE 4: 12:08 p.m. ET 7/23/2021: Beauparc has priced and allocated its €555 million seven-year term loan B at 99.5 with a margin of Euribor+375 bps, sources told Reorg.

UPDATE 3: Beauparc Upsizes TLB by €30M to €555M, Sets Margin at E+375 Bps, OID at 99.5; Reconfirmations Due by 1 pm BST July 23

UPDATE 3: 6:38 a.m. ET 7/23/2021: Beauparc has increased the size of its term loan by €30 million to €555 million with incremental proceeds expected to be used as cash on the company’s balance sheet, sources told Reorg.

The margin has been set at Euribor+375 bps compared with price talk in the E+375 bps to E+400 bps range. The OID is unchanged at 99.5, and there is a 0% floor on the facility.

Reconfirmations are due by 1 p.m. BST today, with pricing and allocation expected thereafter.

UPDATE 2: Beauparc Overhauls Documentation for €525M TLB After Pushback, Amends Margin Ratchet, Ticking Fee, Restricted Payment Capacity

UPDATE 2: 5:23 a.m. ET 7/23/2021: Beauparc has amended the documentation for its €525 million term loan B in the face of pushback, sources told Reorg. Investors had complained about the absence of a ticking fee and very generous restricted payment baskets. They had also highlighted that the margin ratchet included three step downs as opposed to the usual two featured in most deals, and that it was based on less deleveraging than the market average.

The margin ratchet has now been amended to two step downs of 25 bps each at senior secured net leverage of 3.8x and 3.5x compared with the company’s starting leverage of 4.3x.

The ticking fee is now 0% from days zero to 45, 50% of the margin from days 46 to 90, and 100% of the margin from day 91 onwards.

In terms of restricted payment capacity, the general basket was reduced to 20% of EBITDA. The asset sale proceeds ratchet has been removed and the inside maturity basket has been reduced to 25% of EBITDA.

Price talk for the term loan B is still at 99.5 with margin in the Euribor+375 bps to E+400 bps range. Final pricing is expected today.

-- Beatrice Mavroleon

UPDATE 1: Price Talk for Beauparc €525M 7Y TLB at 99.5, Margin in E+375-400 Bps Range

UPDATE 1: 5:35 a.m. ET 7/13/2021: Price talk for Beauparc’s seven-year €525 million term loan B is at 99.5 with margin in the Euribor+375 bps to E+400 bps range, sources told Reorg.

Original Story 3:53 a.m. UTC on July 12, 2021

Primary: Beauparc Launches €525M TLB to Support Acquisition by Macquarie; Lender Call July 13

 
Company : Beauparc  
Borrower : Broom Holdings Bidco Limited  
Business : Beauparc is an integrated waste-to-resources operator engaged in collection, processing and recycling
Currency : EUR  
Facilities : €525m Term Loan B
UoP : Proceeds will be used to support Macquarie Infrastructure and Real Assets (MIRA)'s acquisition of Beauparc
Joint Physical Bookrunners : Goldman Sachs Bank Europe SE; BNP Paribas; Deutsche Bank AG; Societe Generale
Joint Bookrunners : Bank of Ireland; MUFG Bank Ltd
       
Timetable    
Launch : Mon, 12-Jul-21  
Lender Call : Tue, 13-Jul-21, 10:00 UKT / 11:00 CET  
Commitments Deadline : Thu, 22-Jul-21, 16:00 UKT / 17:00 CET  
       
Lender Call    
Date : Tue, 13-Jul-21  
Time : 10:00 UKT / 11:00 CET  
Dial in : Public & Private dial-in details to be made available over Debtdomain
       
Summary Terms    
Borrower : Broom Holdings Bidco Limited  
Facility : First Lien Term Loan
Expected Corporate Ratings (S / M) : B / B1  
Expected Tranche Ratings (S / M) : B / B1  
Expected Outlook (S / M) : Stable / Stable  
Currency : EUR  
Size : €525m  
Euribor Floor : 0%  
Amortization : Bullet  
Maturity : 7 years  
Call Protection : 6 months 101 soft call  
Covenants : None  
Governing Law : English law  
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