Westfalia LBO flexes before allocation

Commitments from banks and funds led bookrunners to reverse flex the margins on German tow-bar producer Westfalia’s LBO loans by 25bp. Although pricing has not been disclosed, bookrunners said the margins on the loans — totalling around Eu70m — were the “market standard”.

  • 04 May 2011

db Audiotechnik, a recent German LBO of similar size, is paying 375bp-425bp for its leveraged loans.

IKB was sole arranger and underwriter of Westphalia’s loans, which comprise two term loans (‘A’ and ‘B’), a revolver and a capex facility. The deal has closed and the debt has been allocated.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.89
2 Citi 4,288 14 10.73
3 Rabobank 2,633 4 6.59
4 Goldman Sachs 2,615 4 6.54
5 Barclays 2,603 8 6.51

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%