Second Lien Replaces BMCA Bond Deal After Investor Pushback

After investor pushback, on Thursday morning Deutsche Bank, Bear Stearns and JPMorgan pulled a $225 million second-lien notes offering for Building Materials Corporation of America and added a second-lien term loan.

  • 09 Mar 2007
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After investor pushback, on Thursday morning Deutsche Bank, Bear Stearns and JPMorgan pulled a $225 million second-lien notes offering for Building Materials Corporation of America and added a second-lien term loan. The $325 million second lien is priced at LIBOR plus 6% and is non call for the first year with 101 call protection for the second year. Pricing on the first lien had been talked at LIBOR plus 2 1/2% to LIBOR plus 2 3/4% but is now being talked at LIBOR plus 2 3/4%.

The deal launched Feb. 21 as a $600 million asset-based revolver and a $975 million institutional term loan (CIN, 2/26). BMCA is using the financing to acquire ElkCorp, a manufacturer of roofing and building products. A call to investor relations at BMCA was not returned.

  • 09 Mar 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%