IGT’s (Integrated Ground Test) borrowing is getting larger. Its unitranche product soars in Asia Pacific. In October last year, BPEA made the largest loan from Asia by completing $500m. Other companies like Straive, the Philippines-based SPi Global in Singapore also made a significant revenue portion from India. This year, Japanese conglomerate SoftBank Group raised $5.1bn of unitranche loan products.
The loan product SoftBank Group was raising was from PE giant Apollo Global Management and a group of co-investors, the largest global finance. BPEA’s financing for IGT’s LBO is one of the types of leveraged loans tapping the market in recent months. Last month they launched a five-year loan for as much as $120m. It was for Indian cash logistics company CMS Info System.
The loan purchases a top-level all-in pricing of 341.77bp.
The interest margin base is 325bp over SOFR. The leverage is around 3.25x Ebitda and an average life of 4.77 years. The shareholders of BPEA and Ginko have launched a U.S. 639.60m-equivalent five-year leveraged loan. It is for the planned management buyout of Taiwan’s largest contact lens maker.
The above’s financing is the top-level all-in pricing of 340.40bp and 215.40bp respectively for the U.S. and NT dollar facilities. It is for the basis of opening margins for 325bp over term SOFR and 200bp over Taibor. The net leverage is 5.0x-5.5x. In the second month of this year BPEA raised a $760m term loan B. It was for the firm’s LBO of business services provider Tricor Group.
Through a margin of 400bp over SOFR plus a credit spread adjustment, were the price for the seven-year first-lien term loan. It was with a 0.5% floor and a 99 original issue discount. BPEA also raised a couple of leveraged loans in India for the healthcare services division of Hinduja Global Solutions and Coforge or NIIT Technologies.
