Reuters Breaks Down Go Scale Capital’s Loan for Acquiring Lumileds

Reuters recently broke Go Scale Capital’s US $1.93 billion loan to acquire Lumileds and former Philips automotive lighting business. The loan will mostly be used to merge with the $2.8 billion financing to acquire 80% of Lumileds shares.

The Bank of China is the only leading bank, book runner and underwriter that has loaned 1.61 billion to Lumileds. Exim Bank of China lent US $120 million, Bank of Communications and Rabobobank have respectively loaned $75 million, while Bank of America Merrill Lynch has loaned $ 50 million. Bank of China is also the agent bank.

The loan agreement was signed on July 29, 2015, and part of the $ 1.33 billion is a term loan. Another $ 250 million is also a term loan, while a $ 350 million is a revolving loan. Only the term loan is a syndicated loan.

The bank’s libor was 330 basis points, and its term loan’s highest yield was 90 basis points.

London’s Zaoui & Co will be Go Scale Capital’s consultant for the transaction, while Morgan Stanley will act as Philips consultant.

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