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 Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%