Fortune 500 Co. Eyes Fixed-To-Floating Swap Debut

  • 08 Jul 2002
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Science Applications International, a Fortune 500 research and engineering company with more than USD6 billion in revenue last year, is considering entering its first interest-rate swap on the back of a recent USD800 million bond issue. The company is reviewing swap transactions with potential counterparties, according to Ron Zollars, spokesman in San Diego.

"We are considering approaches [from investment banks] regarding how much and when to swap from fixed to floating-rate," Zollars said. He was unable to provide further information regarding its swap plans or the company's debt profile.

Last month the company came to market with a USD550 million 10-year note with a fixed coupon of 6.25% and a USD250 million 30-year bond with a fixed coupon of 7.125%. The deal was underwritten by JPMorgan. Zollar said the company is looking to enter a swap to convert some or all of those liabilities into floating-rate obligations.

Moody's Investors Service rates the company A3 and Standard & Poor's rates it A minus.

 

  • 08 Jul 2002

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3 JPMorgan 314,826.88 1433 8.11%
4 Goldman Sachs 234,193.07 776 6.04%
5 Barclays 226,473.92 879 5.84%

Bookrunners of All Syndicated Loans EMEA

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1 HSBC 33,723.41 160 6.58%
2 Deutsche Bank 33,605.53 115 6.55%
3 Bank of America Merrill Lynch 30,523.81 93 5.95%
4 BNP Paribas 26,890.30 166 5.24%
5 SG Corporate & Investment Banking 23,393.38 135 4.56%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 19,536.02 78 8.92%
2 Morgan Stanley 16,323.54 83 7.45%
3 Citi 15,667.80 92 7.15%
4 UBS 15,208.47 58 6.94%
5 Goldman Sachs 13,487.36 72 6.16%