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 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%