Banks Increase Cendant Loans, Downsize Bonds

The deal to back the buyout of Cendant Marketing's marketing service division by Affinion, formerly Affinity Acquisition Holdings, was reworked last week with lead banks Credit Suisse First Boston and Deutsche Bank upping the term loan by $100 million.

  • 07 Oct 2005
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The deal to back the buyout of Cendant Marketing's marketing service division by Affinion, formerly Affinity Acquisition Holdings, was reworked last week with lead banks Credit Suisse First Boston and Deutsche Bank upping the term loan by $100 million. A bond portion was decreased by $100 million. Affinity is an affiliate of Apollo Advisors.

The deal now consists of a six-year, $125 million revolver and a seven-year, $860 million term loan "B." The "B" loan was $760 million at launch. Pricing had been talked in the LIBOR plus 2 1/4% to 2 1/2% range but stands at LIBOR plus 2 3/4%. The price increase was not due to weakness on the loan syndication side, but rather to the relative value of the bonds, a banker said. The deal also has a proposed $266.4 million senior unsecured notes, according to Standard & Poor's, which rated the bank debt B+. It assigned a B- to the notes. Calls to Cendant and Apollo were not returned.

  • 07 Oct 2005

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%