Trio Launches Loans To Back AmeriPath-Specialty Merger

Wachovia Bank, Citigroup and Deutsche Bank launched syndication of a $289.5 million deal for AmeriPath last Wednesday.

  • 18 Nov 2005
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Wachovia Bank, Citigroup and Deutsche Bank launched syndication of a $289.5 million deal for AmeriPath last Wednesday. The credit is broken into a $95 million revolver and a $203.5 million term loan "B." Pricing is LIBOR plus 2 1/4% on both tranches. The deal backs AmeriPath's merger with Specialty Laboratories. Welsh, Carson, Anderson and Stowe is AmeriPath's equity sponsor.

Moody's Investors Service assigned a B1 to both tranches writing that the B2 corporate family rating reflects the increase in operational and financial risk associated with the acquisition. It does not expect Specialty, on a stand alone basis, to become profitable until 2006 and will not generate positive free cash flow until 2007. Standard & Poor's rated the loans BB-.

AmeriPath provides physician-based anatomic pathology, dermatopathology and molecular diagnostic services to physicians, hospitals, national clinical laboratories and surgery centers. Specialty Laboratories performs clinical tests used by doctors to diagnose, monitor and treat diseases. David Redmond, Ameripath's executive v.p. and cfo, did not return a call by press time nor did an official at Welsh, Carson. David C. Weavil, Specialty's ceo and director, declined comment.

  • 18 Nov 2005

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) 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

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
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%