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

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2 Rabobank 13.70
3 Morgan Stanley 11.16
4 Barclays 8.55
5 Credit Agricole 7.20

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4 Citi 11,878.92 43 7.48%
5 Credit Suisse 9,276.87 26 5.84%