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Brookfield Wealth updates market on Just Group acquisition financing
(Sharecast News) - Brookfield Wealth Solutions (BWS) confirmed the successful syndication of a majority of Royal Bank of Canada's commitments under the financing arrangements for its planned acquisition of Just Group on Friday. The acquisition, first announced on 31 July, will see Bidco, a wholly owned subsidiary of BWS, purchase the entire issued and to be issued share capital of Just by way of a court-sanctioned scheme of arrangement. Just published its scheme document on 26 August.
In connection with the deal, Bidco entered into a term credit agreement and a bridge credit agreement with Royal Bank of Canada on 30 July, with RBC Capital Markets acting as lead arranger and bookrunner.
Those agreements had now been amended following syndication through amendment and assignment agreements signed on 28 August.
Under the revised terms, the facilities included a credit adjustment spread for dollar-denominated loans, an additional 0.05% structuring fee on certain bridge loan commitments, and other clarifications covering lender titles and Bidco's obligations regarding ranking of the credit facilities.
BWS said All other key terms remaineed unchanged from those set out in the original announcement and scheme document.
At 1043 BST, shares in Just Group were flat at 211p.
Reporting by Josh White for Sharecast.com.
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