Lear Facility Hits Mart

JPMorgan, Bank of America, Citigroup and Deutsche Bank launched syndication of the financing for Lear Corp.

  • 07 Apr 2006
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JPMorgan, Bank of America, Citigroup and Deutsche Bank launched syndication of the financing for Lear Corp. The $800 million credit (CIN, 4/3) consists of a $600 million term loan "B" and a $200 million second lien. Price talk is LIBOR plus 3% on the "B" loan and LIBOR plus 4 1/2%-4 3/4% on the second lien, though one individual said it looked to be closer to the 475 basis points mark. "I think a lot of people have been looking at the auto space," one portfolio manager said about the deal.

The company is also receiving an amendment to its existing $1.7 billion revolver, which is expected to provide collateral, as well as increase the flexibility of existing financial covenants, a Lear spokeswoman previously said. A company spokesman would not comment on the amendment because it is not public, but said he anticipates both the amendment and facility closing sometime this month and does not anticipate any problems in completing the two deals. He would not comment further.

  • 07 Apr 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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 111,131.36 317 13.04%
2 Bank of America Merrill Lynch 96,639.32 283 11.34%
3 Wells Fargo Securities 81,749.66 249 9.60%
4 JPMorgan 61,554.22 191 7.22%
5 Credit Suisse 44,689.16 138 5.25%