GERMANY - Bank of Ireland syndicates Westfalia Auto deal

The senior debt comprises EUR 20m seven-year TLA at E+225, EUR 10m eight-year TLB at E+275, EUR 10m nine-year TLC at E+325 and EUR 10m seven-year RCF at E+225. There is also a EUR 10m 10-year mezzanine debt facility at a margin of E+400 cash pay and E+700 PIK. Opening leverage on the transaction is 3.3x senior and 4.2x total. A bank meeting will take place in Germany on 16 March targeted at local/sponsor relationship banks.

Led by David Walsh, head of European acquisition finance, Bank of Ireland and Ralph Betz, director, this is the first MLA role completed by the bank’s recently recruited German origination team based in Frankfurt.

Westfalia Automotive is the market leader in towbars for passenger cars in Germany with a market share of 40%. It is headquartered in Rheda-Wiedenbrück and generated sales of c.EUR 97m in 2004/05 with a workforce of around 500 employees. Besides being Europe’s leading OEM supplier for towbars, Westfalia Automotive also serves the OES and aftermarket. The company was founded in 1844.

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