LBO banks meet their Waterloo with Boots deal; KKR unscathed

The banks arranging the loan to support Kohlberg Kravis Roberts’s £11bn leveraged buy-out of UK pharmacy group Alliance Boots were left holding more than £7bn of senior debt on Wednesday, when they bowed to what many had considered inevitable and pulled most of the debt financing.

  • 27 Jul 2007

The deal’s collapse was mirrored in the US when the $12bn loan for Cerberus’s buy-out of carmaker Chrysler was also abandoned.

Turmoil in credit markets, especially leveraged finance, took the blame, but market participants also criticised KKR, which will still enjoy the original debt terms agreed before the market ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 13.43
2 Rabobank 12.61
3 Morgan Stanley 10.27
4 Barclays 7.86
5 Natwest Markets (RBS) 7.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 18,561.02 56 11.69%
2 Wells Fargo Securities 18,160.90 57 11.44%
3 JPMorgan 12,092.45 38 7.62%
4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%