Article/Intelligence
Ardonagh Agrees $3.3B-Equivalent Unitranche With Club of Direct Lenders; Banks Provide £300M Upsized Revolver
Reporting: Maryna Irkliyenko, Oscar Laurikka Ardonagh has finalized a $3.3 billion-equivalent unitranche this week denominated in dollars, euro and Australian dollars with a club of direct lenders, sources told Reorg. Ares, Goldman Sachs, HPS, Nomura, JPMorgan, Antares, Guggenheim, CDPQ, KKR, Oaktree, Carlyle and Partners Group are providing the unitranche, which is paying 475 bps over the reference rate and priced with an OID of 98.5, sources said. The debt comprises a $1.9 billion tranche, an €800 million tranche and a 200 million Australian dollar tranche, sources said. There is also an undrawn acquisition facility comprising $235 million, €225 million and AUD 135 million, the sources added. The unitranche debt sits pari-passu with the $2.3 billion-equivalent in high-yield bonds issued in February, as reported. Goldman Sachs, KKR, Nomura, Morgan Stanley, Lloyds, Natwest, Barclays, HSBC, Jefferies, Bank of America, Deutsche Bank, TD Securities and JPMorgan are providing an upsized £300 million RCF to the company, which pays 425 bps over the reference rate, sources said. Ares, HPS, Nomura, CDPQ, Partners Group, JPMorgan, BofA declined to comment. Goldman, Antares, KKR, HSBC, Lloyds, Natwest, Jefferies, Deutsche Bank, TD Securities, Oaktree, Carlyle and Guggenheim did not return requests for comment. Ardonagh Group –[...]