Duo Lays Out Formica Dividend Recap

Bank of America and UBS have launched syndication of a $270 million cross-border dividend deal for Formica Corp.

  • 27 Jan 2006
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Bank of America and UBS have launched syndication of a $270 million cross-border dividend deal for Formica Corp. The banks held meetings last Wednesday in New York and last Thursday in London.

The deal is comprised of a six-year, $60 million revolver and a seven-year, $210 million term loan "B." Pricing on the revolver is LIBOR plus 2 3/4%, while the term loan is priced at LIBOR plus 3%. The dividend will pay around $30 million to equity holders that include Cerberus Capital Management and Oaktree Capital. Moody's Investors Service has assigned a B2 rating to Formica's term loan and revolver.

Calls to officials at the Cincinnati-based designer and manufacturer of surfacing materials were not returned. Bankers at B of A and UBS did not return calls.

  • 27 Jan 2006

GlobalCapital European securitization league table

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1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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1 Bank of America Merrill Lynch 57,945.74 181 12.35%
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3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%