Foster Wheeler, O&M To Allocate This Week

Commitments were due last Thursday on two BNP Paribas-led deals -- one well oversubscribed and another on its way, according to a banker.

  • 18 Aug 2006
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Commitments were due last Thursday on two BNP Paribas-led deals -- one well oversubscribed and another on its way, according to a banker. Both are expected to allocate this week. BNP was the sole lead for Foster Wheeler's oversubscribed five-year, $200 million revolver and five-year, $150 million multi-currency synthetic letter of credit. Both are priced at LIBOR plus 2%. Moody's Investors Service rated the loan Ba3 and gave the company a B1 corporate family rating. One investor said he liked the credit and that it seemed like a good company.

In 2004, Foster Wheeler investors reaped major gains when the company decided to do an out-of-court exchange offer, which reduced the company's $1 billion debt to $450 million through a debt-to-equity conversion (LMW, 10/22/2004). A Foster Wheeler spokesman could not be reached.

BNP teamed up with Lehman Brothers for O&M Star Generation's new eight-year, $259 million senior secured term loan and a $19 million funded letter of credit. The deal was expected to be fully subscribed as CIN went to press. Pricing launched at LIBOR plus 3%, but will not be set until the credit receives ratings, expected to be Ba3/BB-, according to a banker.

The company is owned by AIG Highstar Capital and the Ontario Teachers Pension Plan. Michael Walsh, managing director at AIG, and a spokeswoman for OTPP declined comment. A representative from O&M could not be reached.

  • 18 Aug 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
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%