BARCLAYS and HSBC have launched to co-arrangers the £350m facility backing Wolverhampton & Dudley Breweries' £267m hostile takeover bid of rival Marston Thompson & Evershed. The loan was signed late last week, and carries a margin of 150bp over Libor out of the box. However, it is tied to a debt to Ebitda ratio: if the ratio is more than 3.5x, the margin is 150bp, if between 3x and 3.5x it is 125bp, if between 2.5x and 3x it is 100bp and if it less than 2.5x, it is 75bp.
December 04, 1998