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 Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,628 18 11.81
2 Citi 4,288 14 10.95
3 Rabobank 2,633 4 6.72
4 Goldman Sachs 2,615 4 6.67
5 Barclays 2,603 8 6.64

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 Bank of America Merrill Lynch 57,210.26 177 12.39%
2 Citi 56,957.04 171 12.34%
3 Wells Fargo Securities 47,551.45 149 10.30%
4 JPMorgan 32,965.91 111 7.14%
5 Credit Suisse 23,990.96 75 5.20%