Check Debt Breaks Around Par

The $1.8 billion term loan "B" for Clarke American Checks broke for trading last Monday around par-par 1/4 and continued to trade in that context, according to a dealer.

  • 30 Mar 2007
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The $1.8 billion term loan "B" for Clarke American Checks broke for trading last Monday around par-par 1/4 and continued to trade in that context, according to a dealer. Led by Credit Suisse and Bear Stearns, the deal comprises a six-year, $100 million revolver and the seven-year term loan, both priced at LIBOR plus 2 1/2%.

The financing is being used by M&F Worldwide, the parent company of Clarke American, to acquire the John H. Harland Company for approximately $1.7 billion. Atlanta-based Harland is a provider of printed products and software and related services for the financial institution market. Calls to a company spokeswoman were not returned.

M&F tapped Bear Stearns and JPMorgan in November 2005 for a $125 million credit facility to back its $800 million acquisition of Clarke American from Honeywell (CIN, 11/21/2005). The deal comprised a $15 million revolver and a $110 million term loan "B" with tranches priced at LIBOR plus 1 3/4%.

  • 30 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) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
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%