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) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
4 Credit Suisse 1,822 6 7.05
5 Societe Generale 1,814 4 7.02

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%