J. Crew Deal Gets Pulled

The deal for J. Crew Group was pulled from the market Wednesday following the company's decision to delay its initial public offering until next year.

  • 09 Nov 2005
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The deal for J. Crew Group was pulled from the market Wednesday following the company's decision to delay its initial public offering until next year. The banks were supposed to close and execute the loan this week, with funding occurring concurrent with the IPO, and in the interim provide a delayed-draw ticking fee. It was anticipated that the ticking fee would go out at 50 basis points, investors said, and then up to 75 and 100 basis points. Instead, the company has decided to relaunch the deal at a later date in conjunction with the IPO.

Goldman Sachs and Bear Stearns were leading the deal, which consisted of a seven-year, $295 million term loan. When it launched, pricing had been talked at the LIBOR plus 2 1/4%-2 1/2% range following a Ba3 rating from Moody's Investors Service (CIN, 10/10), but there was the potential it would go out at LIBOR plus 2%. The company had planned to use the proceeds to retire all of its preferred stock and 13.125% senior discount debentures and prepay all or a portion of its 9.75% senior sub notes, according to Moody's. The company had intended to convert its 5% notes payable to common stock (10/10). Texas Pacific Group is the company's majority shareholder.

A spokesman for Texas Pacific Group declined comment. A call to Jim Scully, executive v.p. and cfo, was not immediately returned. Calls to bankers at Goldman Sachs and Bear Stearns were not returned.
  • 09 Nov 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 94,925.33 384 8.39%
2 Citi 87,531.58 331 7.74%
3 Bank of America Merrill Lynch 84,341.49 288 7.46%
4 Barclays 75,288.19 241 6.66%
5 Goldman Sachs 68,504.71 208 6.06%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 May 2017
1 Deutsche Bank 19,381.65 47 8.82%
2 Bank of America Merrill Lynch 18,968.25 36 8.63%
3 HSBC 18,103.95 50 8.24%
4 BNP Paribas 8,911.57 55 4.05%
5 SG Corporate & Investment Banking 8,885.00 54 4.04%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 23 May 2017
1 JPMorgan 8,714.26 35 8.36%
2 UBS 8,283.47 33 7.95%
3 Goldman Sachs 7,736.57 37 7.42%
4 Citi 6,897.11 46 6.62%
5 Bank of America Merrill Lynch 6,215.31 24 5.96%