JPMorgan, GE Lead LifeCare

JPMorgan and GE Capital are leading a credit line to finance the The Carlyle Group's $555 million acquisition of LifeCare Holdings from GTCR Golder Rauner.

  • 22 Jul 2005
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JPMorgan and GE Capital are leading a credit line to finance the The Carlyle Group's $555 million acquisition of LifeCare Holdings from GTCR Golder Rauner. The facility consists of a six-year, $75 million revolver and a seven-year, $255 million term loan "B." Banc of America Securities and JPMorgan are leading $150 million of senior subordinated notes.

"We really liked the sector, it's an attractive area to invest in," said Walter Jin, a Carlyle principal working on the healthcare team. "[We were attracted by] the management team that could run the business and had a platform to continue growth."

Jin said JPM, GE and B of A have all supported Carlyle and its health-care team and coming in, the firm knew the banks were knowledgeable about the space. "They knew the company well," he said. In terms of execution, he added, "They are among the top and the best at what they do for leveraged finance."

Carlyle is very interested in the long-term acute care business and had been looking at a number of companies before identifying LifeCare as a potential takeover candidate. "We had been following them for the better part of two years and thought it was a good time. GTCR had been with them for eight years, they had had an interim ceo for a year-and-a-half," explained Jin on why his firm decided to do the transaction now.

Pricing on the undrawn revolver is LIBOR plus 50 basis points and LIBOR plus 2 1/4% when drawn. Pricing on the "B" loan is LIBOR plus 2 1/2%. The bank meeting was held last Thursday. The Carlyle Group will contribute about $169 million. LifeCare will be one of the first portfolio investments for Carlyle's new $8 billion buyout fund.

  • 22 Jul 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) 3,865 12 12.28
2 Citi 2,800 7 8.90
3 Goldman Sachs 2,615 4 8.31
4 Credit Agricole 2,254 6 7.16
5 Barclays 2,006 6 6.38

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 12 Jun 2017
1 Citi 46,714.29 133 12.73%
2 Bank of America Merrill Lynch 43,017.27 121 11.73%
3 Wells Fargo Securities 36,865.83 105 10.05%
4 JPMorgan 25,897.27 79 7.06%
5 Credit Suisse 19,055.29 50 5.19%