Related Parents
by Stephen Carter
Oct 11, 2021 10:03 AM ET
Albion Holdco Limited (Aggreko plc) approx. GBP1.055bn 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. List ISE. NY law.
- Albion Financing 1 Sarl/Aggreko Holdings Inc GBP700m equivalent (in USD and EUR) sr sec notes due 2026 (5y). NC2 (50%,25%,par). B1/BB-/BB+ (stable/stable/stable). Tranche sizes TBD.
- Albion Financing 2 Sarl USD485m (approx. GBP355m equivalent) sr notes due 2027 (5.5y). NC2 (50%,25%,par). B3/B/BB- (stable/stable/stable).
Global investor call at 3pm UKT tomorrow (Tues), 1x1x Tues-Weds. Pricing mid-late this week. UOP: Repay GBP1bn equivalent bridge loans incurred along with approx. USD1.35bn (GBP1bn equivalent in USD/EUR tranches) sr term facility (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).