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State Aid to High Yield and Leveraged Loans Companies in Europe

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State Aid to High Yield and Leveraged Loans Companies in Europe An Acuris Company Special Report STATE AID TO HIGH YIELD AND LEVERAGED LOANS COMPANIES IN EUROPE PRIMARY AUTHORS Aparna Rane Shivangi Dattani Bobby Kabli Chiara Elisei Robert Schach Credit analyst Manger– EMEA Credit Research (Offshore) Head of Research- European Deputy Editor - Restructuring Managing Editor Debtwire Europe [email protected] [email protected] [email protected] [email protected] [email protected] Debtwire.com State aid to HY and Lev Loans companies in Europe An Acuris Company Overview The Debtwire State Aid report tracks all European HY and leveraged loan issuers that have applied or are considering applying for state aid to help fight the impact of the COVID-19 pandemic. EU member states and the UK have all promoted various schemes aimed at boosting the liquidity of companies affected by the coronavirus, in the form of state-guaranteed loans, direct grants and other measures. To date, European issuers tracked by Debtwire have applied for over EUR 34bn worth of state aid. Transportation, unsurprisingly, took the lion's share so far, accounting for 43.39% or EUR 14.875bn-equivalent of the total across 15 issuers, closely followed by automotive with EUR 12.384bn-equivalent or 36.12% across six issuers. Country-wise, France has been leading, with 14 domestic issuers taking up 43.56% or EUR 14.936bn-equivalent of the overall state aid deployed so far. Italy came second at 19.48% or EUR 6.68bn-equivalent across four issuers, with Fiat Chrysler Automobiles NV being granted nearly all the state aid disbursed in Italy to date. The top three companies by amount of state aid raised comprise French airline Air France-KLM SA (EUR 7bn), and automotive groups Fiat Chrysler Automobiles NV (EUR 6.3bn) and Renault SA (EUR 5bn). Debtwire.com Page 2 State aid to HY and Lev Loans companies in Europe An Acuris Company Sector Amount (EURm) No. of issuers Country Amount (EURm) No. of issuers(1) Transportation 14,875 15 France 14,936 14 Automotive 12,384 6 Italy 6,680 4 Leisure 2,324 6 Germany 4,684 6 Industrial products and services 1,135 3 UK 3,471 9 Consumer: retail 790 4 Spain 2,234 13 Construction 745 4 Ireland (Republic) 671 1 Services (other) 630 3 Finland 600 1 Consumer: foods 378 1 Hungary 335 1 Industrial: electronics 330 1 Norway 277 2 Energy 250 1 Financial services 230 1 Denmark 157 1 Consumer: other 150 1 Sweden 157 1 Manufacturing (other) 50 1 Belgium 71 1 Media 16 1 Switzerland 14 1 Grand total 34,286 48 Grand Total 34,286 55 SECTOR-WISE DISTRIBUTION OF STATE AID COUNTRY-WISE DISTRIBUTION OF STATE AID 0.96% 0.73% Transportation 0.67% 0.81% 0.46% 0.46% France 1.10% 0.98% 0.44% Automotive 0.21% 1.84% 1.75% Italy 0.05% Leisure 1.96% 2.17% 0.04% Germany 2.30% Industrial products and services 0.15% 6.52% UK 3.31% Consumer: retail Spain Construction 6.78% 10.12% Ireland (Republic) Services (other) 43.56% Finland 43.39% Consumer: foods Hungary Industrial: electronics 13.66% Energy Norway Financial services Denmark 36.12% 19.48% Consumer: other Sweden Manufacturing (other) Belgium Media Switzerland Source: Debtwire, company filings. 1) Higher number than sector-wise distribution as some companies have received financing aid from multiple countries. Debtwire.com Page 3 State aid to HY and Lev Loans companies in Europe An Acuris Company Amount of Total Previous Current Guaranteed state aid as state aid Countries company Issuer rating rating Release date Sector part % of total Comments/notes approved involved debt (S&P) (S&P) (EURm) debt (EURm) (EURm) Five year loan under the Spanish government Abengoa Bioenergy NR NR 250 20-May-20 Energy Spain 250 - - guarantee scheme via tha Instituto de Credito Corp Oficial A French state-backed loan of EUR 4bn granted by a syndicate of nine banks to Air France-KLM and Air France. The French state is guaranteeing Air France-KLM SA NR NR 4,000 24-Apr-20 Transportation France 3,600 12,955 30.9% this loan up to 90%, and it has a maturity of 12 months, with one extension option of 1 year or 2 years, exercisable by Air France-KLM A direct shareholder’s loan of EUR 3bn from the French state to Air France-KLM with a maturity Air France-KLM SA NR NR 3,000 24-Apr-20 Transportation France n/a 12,955 23.2% of four years, with two consecutive one-year extension options exercisable by Air France- KLM. Atalian is entitled to c. EUR 300m of which 80% Atalian Servest Group B B 300 29-May-20 Services (other) France 240 1,475 20.3% would be guaranteed Atalian is finalizing the documentation for an early June closing with three banks, for an Atalian Servest Group B B 50 29-May-20 Services (other) France 50 1,475 3.4% amount of EUR 50m, of a bank loan secured by a French State guarantee Cassa Depositi e Prestiti, which in 2017 agreed to provide the subsidiary with a credit facility, of Atlantia SpA BBB- BB- 200 24-May-20 Construction Italy n/a - - which EUR 1.3bn remains to be used, has so far turned down ASPI’s request to draw down funds amounting to EUR 200m at the beginning of April The company has since taken further steps to improve liquidity including drawing GBP 300m 335 (EUR 335m) under the UK's Covid Commercial British Airways plc BBB BB 20-May-20 Transportation UK n/a 15,940 2.1% (GBP 300m)(1) Financing Facility and extending its USD 1.46bn Revolving Credit Facility for one year from 23 June 2020 to 23 June 2021. Burger King France B- B- 123 21-Apr-20 Leisure France n/a 724 16.9% Talks with PGE still ongoing Source: Debtwire, company filings. 1) Oanda.com Debtwire.com Page 4 State aid to HY and Lev Loans companies in Europe An Acuris Company Amount of Total Previous Current Guaranteed state aid as state aid Countries company Issuer rating rating Release date Sector part % of total Comments/notes approved involved debt (S&P) (S&P) (EURm) debt (EURm) (EURm) The company applied for a state guaranteed loan of EUR 80m and have reached a preliminary Burger King France B- B- 80 27-May-20 Leisure France n/a 724 11.0% agreement with three banks to put this loan in place in June. The EUR 75m facility would be split in two tranches of EUR 51m and EUR 24m, respectively, Industrial maturing on 31 March 2021 and would come Celsa Group NR NR 75 07-May-20 products and Spain 53 - - with personal guarantees up to 70% granted by services ICO. Proceeds would be used to meet payrolls and pay suppliers, as well as fund working capital and other liquidity needs The company has secured credit committee approval to apply for an additional USD 45m (EUR 41m) through the CLBILS loan scheme in the UK and expects shortly to commence a Cineworld Group Plc BB- CCC+ 41 07-Apr-20 Leisure UK n/a 3,295 1.2% process to access USD 25m through the US government CARES Act; Cineworld expects that this additional liquidity, to the extent required, will provide it with sufficient headroom to support the Group Secured a EUR 1.05bn syndicated facility via the CMA CGM SA B- B- 1,050 13-May-20 Transportation France 735 10,904 9.6% French government's 70% guarantee scheme. The company reached out to some of its relationship lenders seeking a roughly EUR 80m Comdata SpA NR NR 80 22-May-20 Services (other) Italy 56 - - facility, of which – under the Italian Liquidity Decree of 8 April 2020 – 70% would be guaranteed by Italian credit export agency SACE In the form of a State-guaranteed EUR 550m public loan granted via the German development Condor Flugdienst NR NR 550 27-Apr-20 Transportation Germany 550 - - bank Kreditanstalt für Wiederaufbau (KfW); GmbH partly compensate the damage suffered by the airline due to the coronavirus outbreak The airline received a GBP 600m (EUR 670.9m) 671 easyJet Plc BBB+ BBB- 20-May-20 Transportation UK n/a 2,127 31.5% short-term loan repayable at rates of between 0.2 (GBP 600m)(1) and 0.6%. A EUR 220m term loan, signed with the Group’s main French and international banks, benefiting from a 90% guarantee from the French State via Europcar Mobility Bpifrance (Prêt Garanti par l’Etat). A EUR 20m B- CCC+ 240 04-May-20 Transportation France 218 4,259 5.6% Group SA(2) Incremental RCF tranche (to increase the facility from EUR 650-670m) - provided by French banks which have obtained a guarantee from Eurazeo through a sub-risk participation. Source: Debtwire, company filings. 1) Oanda.com 2) includes 90% of EUR 220m term loan and EUR 20m incremental RCF tranche Debtwire.com Page 5 State aid to HY and Lev Loans companies in Europe An Acuris Company Amount of Total Previous Current Guaranteed state aid as state aid Countries company Issuer rating rating Release date Sector part % of total Comments/notes approved involved debt (S&P) (S&P) (EURm) debt (EURm) (EURm) New financing facilities for the Group’s Spanish subsidiaries (Europcar Spain and Goldcar Spain), totalling EUR 81m , signed over the last 2 weeks Europcar Mobility with Bankia, BBVA and Bankinter benefiting from B- CCC+ 81 04-May-20 Transportation Spain 57 4,259 1.9% Group SA a 70% guarantee from the Spanish State.
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