Market Gets Its Hands On Hanes

Hanesbrands' term loan broke in the secondary market last week, trading in the 101 range.

  • 25 Aug 2006
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Hanesbrands' term loan broke in the secondary market last week, trading in the 101 range. Dealers said trading volume was "decent," last week, especially for the end of August, with firms picking up some credits during the quiet new issue period. One trader said levels seemed to be better, with many names trading up 1/8 to 1/4 of a point.

The reworked Hanesbrands deal broke in the secondary last Wednesday; its $1.4 billion term loan "B" broke at 100 3/4 to 101. A $450 million second lien broke at 101 3/4 to 102. The financing also consists of a $500 million revolver and a $250 million "A" term loan. Pricing is LIBOR plus 1 3/4% on the pro rata, LIBOR plus 2 1/4% on the "B" loan and LIBOR plus 3 3/4% on the second lien. Not much paper traded, dealers said, because firms were happy holding onto their allocations.

Morgan Stanley and Merrill Lynch lead the financing that backs the spin-off of the company by Sara Lee Corp. The deal launched as a $500 million revolver, a $350 million "A" loan, a $1.3 billion term loan "B" and a $450 million second lien (CIN, 7/28). The spin-off is expected to be completed by Sept. 5 and Hanesbrands will begin trading under the symbol HBI, starting Sept. 6, according to a company release. A call to L.M. de Kool, executive v.p. and chief financial and administrative officer, was refereed to an official in corporate development who did not return a call.

  • 25 Aug 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) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 99,250.27 279 13.13%
2 Bank of America Merrill Lynch 91,648.43 266 12.13%
3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%