Warburg Taps Three For Dynegy Acquisition

Warburg Pincus turned to a trio of banks to back its Targa Resources' $2.35 billion purchase of Dynegy's Midstream natural gas producing business.

  • 07 Oct 2005
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Warburg Pincus turned to a trio of banks to back its Targa Resources' $2.35 billion purchase of Dynegy's Midstream natural gas producing business. Syndication of the deal launched last Wednesday. Credit Suisse First Boston and Merrill Lynch are the joint leads with Goldman Sachs signed onto the deal as a joint bookrunner. The loans consist of a six-year, $250 million revolver; $300 million synthetic letters of credit, with a six-year maturity, and a two year, $700 million asset-sale term loan. These three tranches are priced at LIBOR plus 2 1/4%. A seven-year, $1.15 billion term loan "B" is priced at LIBOR plus 2 1/2%. A spokesman for Dynegy said the decision to sell that division offers the company the opportunity to focus on its power generation business and delever.

Based in Houston, Targa is an independent midstream energy company formed in 2003 by Warburg Pincus. A spokeswoman for Warburg Pincus did not return a call. Representatives from Targa could not be reached.

  • 07 Oct 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%