Deutsche Bank, Lehman Shop EnviroSolutions

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

  • 17 Jun 2005
Email a colleague
Request a PDF

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 Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%