RSC Breaks, Asset-Based Term Loan Bid Under Par

RSC Equipment Rental's $1.13 billion second-lien term loan broke at 100 1/2-101 1/8 in the secondary last Tuesday.

  • 22 Nov 2006
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RSC Equipment Rental's $1.13 billion second-lien term loan broke at 100 1/2-101 1/8 in the secondary last Tuesday. Its $400 million asset-based term loan broke at 99 3/4-100 1/4. A buyside trader said the asset-based term loan did not trade as high because of its lower coupon and lack of call protection.

The Deutsche Bank and Citigroup-led second lien of RSC's $2.83 billion credit was flexed down 25 basis points due to oversubscription, according to a banker. Pricing on the second lien is now LIBOR plus 3 1/2%. It has 102, 101 call protection. Pricing remains at LIBOR plus 1 3/4% on the asset-based term loan and the asset-based revolver.

Ripplewood and Oak Hill Capital will use the financing to take RSC private in a deal worth approximately $3.4 billion (CIN, 11/3). A company spokesman declined comment. Calls to Ripplewood and Oak Hill representatives were not returned.

  • 22 Nov 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 16.10
2 Rabobank 15.11
3 Barclays 9.42
4 Credit Agricole 7.93
5 Morgan Stanley 7.46

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%