10/15/2021 Albion Holdco Limited (Aggreko plc)
(AGKLN) approx GBP1.116bn (up from 1.055bn) equivalent (USD and EUR tranches) 144A/Reg S notes 3-part. Via Barc (B&D)/BofA sole physical books and jt glocos/DB/GS/HSBC/Lloyds/Santander/SMBC Nikko/StanChart jt books. No reg rights. List ISE. NY law. Settles 10/22 (T+5).
Sr sec notes total size GBP790m (up from GBP700m) equivalent in EUR/US$ (GBP25m shifted from the sr unsec notes and GBP35m shifted from the sr sec term loan).
- Albion Financing 1 Sarl/Aggreko Holdings Inc EUR450m (GBP380m equivalent) sr sec notes due 10/15/26 (5y). NC2 (MWC B+50bp), then at 102.625, 101.3125, 100. Equity claw: 2y 40% at 105.25. Special call: 10% per year the first 2 years at 103.00. B1/BB-/BB+ (stable/stable/stable). Reg S ISIN: XS2399700959. Px talk: 5.00%-5.25%. Size and pricing: EUR450m at 5.25% (the number). Priced: 5.25% at 100. +580bp vs DBR 0.00% 08/15/26.
- Albion Financing 1 Sarl/Aggreko Holdings Inc US$565m (GBP410m equivalent) sr sec notes due 10/15/26 (5y). NC2 (MWC T+50bp), then at 103.0625, 101.53125, 100. Equity claw: 2y 40% at 106.125. Special call: 10% per year the first 2 years at 103.00. B1/BB-/BB+ (stable/stable/stable). 144A CUSIP: 013304AA8. Whisper: low 5s. Px talk: 6.00% area. Size and pricing: US$565m at 6.125% (the number). Priced: 6.125% at 100. +501bp vs 1.625% 10/3/26.
- Albion Financing 2 Sarl USD450m (down from $485m) (approx GBP327m down from GBP355m equivalent) sr notes due 04/15/27 (5.5y). NC2 (MWC T+50bp) (10/15/23), then at 104.375, 102.1875, 100. Equity claw: 2y 40% at 108.75. B3/B/BB- (stable/stable/stable). 144A CUSIP: 013305AA5. Whisper: +200bp vs the US$ sr sec tranche. Px talk: 8.00% area. Size and pricing: US$450m at 8.50%-8.75%. Priced: 8.75% at 100. +729bp vs 0.50% 04/30/27.
Did global investor call at 3pm UKT Tues, 1x1s 10/12-13. EUR books closed 2:30pm UKT 10/15. EUR reconfirms were due 5pm UKT 10/15. USD books close at 12:30pm NYT 101/15 (originally closing 9:30am NYT 10/15). UOP: Repay GBP1bn equivalent sr sec bridge loans and GBP350m sr unsec bridge loans incurred along with approx. USD1.35bn (GBP980m equivalent) sr sec term loan (now syndicated GBP966m equivalent sized at USD750m and EUR500m tranches) (also GBP450m multi-currency revolver, GBP$70m drawn at closing), to fund the acquisition of Aggreko by I Squared Capital (50%) and TDR (50%) for 880p per share or a total equity value of GBP2.322bn. The equity sponsors will provide GBP894.9m in equity (I Squared GBP447.4m and TDR GBP447.4m). Biz: supplier of power generation and temperature control equipment. HQ: Glasgow, Scotland. (Acquisition announced 03/05/21; acquisition completed via the GBP700m loan and GBP1bn (EUR/USD) bridge loans on 08/11/201).