Morgan Stanley Launches Deal For IPS Buyout

Morgan Stanley last week launched syndication of a $102 million senior secured credit backing the buyout of IPS Corp. by Fremont Partners and management.

  • 30 Jun 2006
Email a colleague
Request a PDF

Morgan Stanley last week launched syndication of a $102 million senior secured credit backing the buyout of IPS Corp. by Fremont Partners and management. The credit will also pay down existing debt. The deal consists of a six-year, $20 million revolver and seven-year, $82 million term loan. Pricing is LIBOR plus 2 1/4% on both tranches. Syndication is said to be going well, according to a banker. The financing also includes $100 million of senior subordinated notes due 2014.

Standard & Poor's assigned a B+ rating with a 1 recovery rating. The ratings agency said that pro forma for the transaction, IPS will have total debt of $183 million, including capitalized operating leases, and pro forma debt to EBITDA of 5.4 times as of June 30. Moody's Investors Service assigned a B1 rating.

An executive at IPS could not be reached for comment. Based in Compton, Calif., IPS is a pipe adhesive and plumbing product manufacturer.

  • 30 Jun 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%