Leveraged & Acquisition Finance

Centre of excellence for Sponsor-backed financing and Corporate merger and acquisition, and non-investment grade financing across the UK and Western Europe

We originate, structure and execute debt solutions throughout the corporate lifecycle, including acquisition financing, leveraged buyouts, merger financings, bridge financings, recapitalisations, refinancings and post-initial public offering financings.

Why NatWest?

We have extensive experience with 20+ years of unbroken capital markets activity, underpinned by strong client relationships with Sponsors and Corporates.

We are a London-based centre of excellence with 35+ market facing professionals and a broad UK and pan-European mandate.

We have built a diversified portfolio of M&A and non-investment grade lending over a number of years and as a result we have a deep understanding of a variety of sectors, as well as the M&A and buy-out markets.

 

In the Sponsor space, we have a leading capital market franchise across leveraged loans and high yield bonds, with underwrite and best efforts capabilities across GBP, EUR and USD. We also offer both senior and super senior acquisition finance facilities (on a club basis) and have an innovative product franchise in the UK mid-market with senior co-lending arrangements and synthetic unitranche alliances with a wide range of institutional debt fund investors.

In the Corporate financing space, we support Corporate clients looking to access the high yield bond and/or institutional loan markets, and lead on all material Corporate M&A financings via best efforts, bridged, backstopped and underwritten deals across GBP, EUR and USD.

Our areas of expertise

  • Leveraged Loans (both syndicated and club) across products (e.g. revolving credit facility, acquisition facility, Term loan A) and structures (e.g. super senior, pari-passu)
  • High yield bonds
  • Bridge financing
  • Underwriting
  • Acquisition finance (both syndicated and club)

    Finance is subject to status. Security may be required. Product fees may apply

Sponsor Financing

IMA

EUR 830,000,000 Fixed Rate Notes EUR 450,000,000 Floating Rate Notes

Joint Global Coordinator and Joint Bookrunner: NatWest Markets

December 2020 Italy

Barentz

EUR 325,000,000 Term Loan B Due 2027 EUR 220,000,000 (Equiv.) USD Term Loan B Due 2027 EUR 40,000,000 (Equiv.) GBP Term Loan Due 2027 (Preplaced)

Lead Left & Sole Ratings Adviser: NatWest Markets

November 2020 The Netherlands

IVC Evidensia

EUR 100,000,000 Add-on to Term Loan B GBP 70,000,000 Add-on to Term Loan B Due February 2026

Joint Global Coordinator: NatWest Markets

August 2020 UK

Cobham

EUR 885,000,000 7yr Term Loan B USD 1,118,000,000 7yr Term Loan B GBP 532,000,000 - equiv USD denominated 2L TL (preplaced) GBP 275,000,000 5.5yr Revolving Credit Facility

Joint Bookrunner: NatWest Markets

January 2020 UK

Visma AS

EUR 250,000,000 Senior add-on Term Loan B

Participant: NatWest

November 2020 Norway

Orthrus Limited

GBP 101,500,000 Super Senior Facilities

Arranger: NatWest

February 2020 UK

Corporate Financing

Drax Group plc

EUR 250,000,000 2.625% 5NC2 Senior Secured Notes

Joint Active Bookrunner and ESG Ratings Advisor: NatWest Markets

October 2020 UK

Rolls Royce PLC

EUR 750,000,000 4.625% 2026 Senior Notes GBP 545,000,000 5.750% 2027 Senior Notes USD 1,000,000,000 5.750% 2027 Senior Notes

Joint Bookrunner: NatWest Markets

October 2020 UK

VMED 02 UK Financing I plc

GBP 600,000,000 4.000% Senior Secured Notes EUR 950,000,000 3.250% Senior Secured Notes USD 1,350,000,000 4.250% Senior Secured Notes

Joint Bookrunner: NatWest

September 2020 UK

Flutter Entertainment plc

GBP 1,400,000,000 Revolving Credit Facility and Term Loan

Global Coordinator and BMLA: Natwest/Ulster Bank

May 2020 UK

Ineos Enterprises

EUR 200,000,00 (Add on) Term Loan B Due 2026 EUR 580,000,000 (Add-on) Term Loan B Due 2026 (Reprice) USD 370,000,000 (Add-on) Term Loan B Due 2026 (Reprice) EUR 279,000,000 (Equiv.) Term Loan A Due 2024 (Reprice)

Joint Active Bookrunner: NatWest Markets

February 2020 UK

TalkTalk Telecom

GBP 575,000,000 3.875% 5NC2 Senior Notes

Joint Active Bookrunner: NatWest Markets

February 2020 UK

    Contact us

    To discuss your business requirements and how NatWest could support you, contact us today: