Colonial First State shifts funds between U.S. and Australian loans

By Sara Rosenberg

New York, Sept. 23 – Colonial First State downsized its U.S. term loan to $450 million from A$1 billion equivalent (roughly $735 million) and upsized its Australian term loan to A$890 million from A$500 million, according to a market source.

Talk on the U.S. term loan remained at Libor plus 400 basis points to 425 bps with a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

The company is still also getting a A$150 million delayed-draw term loan.

BofA Securities Inc., KKR Capital Markets, Jefferies LLC, Commonwealth, Credit Suisse, HSBC Securities, MUFG, UBS Investment Bank and Natixis are the leads on the deal (Ba2/BB).

Commitments were scheduled to be due at 3 p.m. ET on Thursday, the source added.

Proceeds will be used to help fund the buyout of a 55% interest in the company by KKR from Commonwealth Bank of Australia for about $1.7 billion.

Colonial First State is an Australia-based provider of superannuation, investment and retirement products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.