SAP launches Eu1.5bn five year RCF to refi 2009 deal

German software firm SAP launched the syndication of a five year Eu1.5bn revolving credit facility on Thursday afternoon, having mandated Commerzbank, Deutsche Bank, Royal Bank of Scotland and Société Générale as mandated lead arrangers and bookrunners on the deal.

  • 19 Nov 2010

The new facility, which is not expected to be drawn, will replace a Eu1.5bn three year revolver signed by the unrated firm in September last year. The borrower paid 110bp for the three year paper, but should now price a five year deal with a tighter margin.

Although ...

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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) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 99,250.27 279 13.11%
2 Bank of America Merrill Lynch 92,153.61 267 12.17%
3 Wells Fargo Securities 72,661.39 222 9.59%
4 JPMorgan 52,367.24 169 6.91%
5 Credit Suisse 41,885.89 127 5.53%