H&R Block’s Mortgage Unit Loses Credit Line

  • 06 Jul 2007
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H&R Block said the subprime mortgage unit it is selling has lost a credit line, lowering its borrowing capacity closer to the minimum needed for the sale to go through, reports Reuters. In a filing with the Securities and Exchange Commission, the company said Lehman Brothers did not renew a “warehouse” facility with the subprime unit, Option One Mortgage, after it expired June 28. The facility provided at least $1 billion of borrowing capacity, according to Reuters.

Cerberus Capital Management, the private equity firm that agreed in April to buy Option One, required the unit to maintain at least $8 billion of warehouse capacity through the closing date, expected in October. Separately, Bank of America agreed to boost its ware house credit facility to $2.25 billion from $2 billion until the sale of Option One is completed.

Click here to read the article from Reuters

  • 06 Jul 2007

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) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

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1 Citi 98,446.48 276 13.35%
2 Bank of America Merrill Lynch 90,174.33 262 12.23%
3 Wells Fargo Securities 70,282.48 216 9.53%
4 JPMorgan 51,967.93 167 7.05%
5 Credit Suisse 41,447.11 125 5.62%