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Ontario Teachers Completes Syndication of A$465m Loan

Ontario Teachers’ Pension Plan Board has completed the syndication of a A$465 million fully-secured five-year loan that supports its purchase of a 70% stake in Leighton Holdings’ NextGen telecommunications unit, according to two people familiar with the matter.

  • Lenders joining include Westpac, ANZ, CBA, Investec, ING Bank, Export Development Canada, Bank of Nova Scotia, and Siemens
  • Borrower: Ontario Teachers’ Pension Plan Board
  • Underwriters: HSBC, Macquarie and Morgan Stanley
  • Amount: A$465m
  • Tenor: 5 yrs
  • Loan type: A$120m amortizing term loan, A$220m bullet term loan, A$100m bullet loan for capital expenditure and a A$25m revolving facility
  • Margin: Starts at c. 425-450bps, based on leverage grid
  • Fees: 350bps to 370bps, depending on commitments
  • Financial close expected by end of May, said one of the people
  • Status: Closed
  • Information from people familiar with the deal, who asked not to be identified because the details are private
NOTE: Leighton and Ontario agreed the NextGen sale for about A$620 million on March 28

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