Commerse and Finance - Your money

Rpt fitch rates cimb niaga auto finances mtn issuance at aa + (idn)


(Repeat for Additional Subscribers)April 11 (The following statement was released by the rating agency)Fitch Ratings gave a rating of 'AA + (idn)' on the proposed issuance of medium term notes (MTN) II 2013 for a maximum of 400 billion dollars a maximum period of 3 (three) years to be published by PT CIMB Niaga Auto Finance's (CNAF;'AA + (idn)' / Stable) in Indonesia.consideration The ranking

MTN is rated the same as the National Long-Term rating CNAF areflects Fitch's view of the obligations of corporate bonds that aredirect, conditional, not guaranteed and is not payablesubordination. The results of these bonds will be used to supportbusiness growth of the company. CNAF ratings reflect Fitch's expectation will support strongcontinuous from the majority shareholder, PT Bank CIMB Niaga Tbk (CIMB Niaga;'BBB' / Stable) and its parent company, CIMB Group (CIMBG; flagship CIMB BankBerhad ).

Initiator Level FactorsSignificant dilution of ownership, and / or the possibility of weakeningsupport of CIMB Niaga and CIMB Group will be able to put pressure onCNAF rank. CNAF ratings already at the upper limit of the national scale,so the potential increase in ranking is limited. Founded in 1981, CNAF is owned by CIMB Niaga (99%) and focuses oncar finance business in Indonesia. CIMB Niaga is the fifth-largest bank in Indonesia and majority-owned by CIMB Group.

Trlpc foncia seeks 270 mln in extra loans for acquisitions


Feb 26 French real estate services firm Foncia is seeking 270 million euros ($302.75 million) of extra loans to back Bridgepoint and Eurazeo's acquisition of a remaining stake in the business they do not already own, banking sources said on Thursday. Bridgepoint and Eurazeo acquired Foncia in 2011, investing about 480 million euros in equity capital, while vendor BPCE invested 200 million euros in the business. The buyout was backed with a 485 million euro loan, according to Thomson Reuters LPC data.

The two sponsors are now looking to raise the extra debt to acquire BPCE's stake and also finance future acquisitions, the sources said. Credit Agricole and Natixis are leading the financing which also includes a waiver and amendment request from existing lenders to authorise the new facilities and to extend maturities of the existing tranches.

The new facilities comprise a 190 million euro term loan D, guided to pay 450bp and an 80 million euro capital expenditure facility, guided to pay 425bp. Pricing of the TLD matches initial pricing of a 300 million euro, seven-year TLB raised by Foncia in 2011 to back its buyout.

Foncia has grown Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) to 103 million euros in 2013 from 87.1 million euros in 2011. Foncia offers residential real estate services in France and Belgium and also has a presence in Germany and Switzerland. ($1 = 0.8918 euros)