IP signs $470m refi deal

International Paper, the US company, has signed a $468m syndicated loan through its Luxembourg-based subsidiary. It used the facility and about $170m of its cash reserves to repay a Eu500m ($640m) term loan maturing in August.

  • 17 Mar 2009

BNP Paribas, Citi and UBS arranged the new deal which has a three year tenor and pays 450bp over Libor at IP’s current rating (Baa3/BBB). The pricing ranges between 250bp (A3/A- or higher) and 650bp (Ba1/BB+ or below).

The three bookrunners each committed $78m. The other lenders are Royal ...

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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%