Deutsche Bank, Lehman Shop EnviroSolutions

Deutsche Bank and Lehman Brothers are leading a $215 million facility for EnviroSolutions Real Property Holdings.

  • 17 Jun 2005
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Deutsche Bank and Lehman Brothers are leading a $215 million facility for EnviroSolutions Real Property Holdings. The credit consists of a six-year, $40 million revolver priced at LIBOR plus 3 1/2% and a seven-year, $175 million term loan "B" which is expected to be priced around LIBOR plus 3 3/4% to 4%.

Proceeds from the "B" loan and $35 million of 12 1/2% senior subordinated notes are expected to be used to repay existing senior secured debt and provide about $98 million of cash to fund growth. Calls to EnviroSolutions were not immediately returned.

Moody's Investors Service assigned a B2 rating to both tranches. The company was started in 2003 and has grown through acquisitions; it recently acquired a landfill in Kentucky and is constructing a landfill in West Virginia. Lenny Ajzenman, v.p. and senior analyst at Moody's, said the ratings could be upgraded if the debt-to-EBITDA levels fall below four times and free cash from operations to total debt goes above 8%.

According to Moody's, pro forma revenues for 2004 were about $150 million and pro forma debt to revenues at Dec. 31 would have been about 1.4 times.

  • 17 Jun 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 16.10
2 Rabobank 15.11
3 Barclays 9.42
4 Credit Agricole 7.93
5 Morgan Stanley 7.46

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%